The November Case-Shiller report showed home prices rose in-line with expectations.
Prices rose 0.74% over the prior month in November and 4.31% over the prior year.
Expectations were for home prices to rise 0.6% over last month and 4.3% over the prior year.
In October, home prices rose 0.76% over the prior month and 4.5% over the prior year.
“With the spring home buying season, and spring training, still a month or two away, the housing recovery is barely on first base,” says David Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices.
“Prospects for a home run in 2015 aren’t good. Strong price gains are limited to California, Florida, the Pacific Northwest, Denver, and Dallas. Most of the rest of the country is lagging the national index gains. Moreover, these price patterns have been in place since last spring. Existing home sales were lower in 2014 than 2013, confirming these trends.”
And so while home prices are still rising, overall not a great assessment on the housing market from Blitzer.
This report also comes on what has been a tough morning for the US economy, with durable goods orders sharply contracting in December and economic bellwether Caterpillar giving a downbeat assessment of the global economy for the upcoming year.
Here’s the chart from Case-Shiller showing that while home prices are still rising year-over-year, they are rising at a slower pace.