Home prices continued to climb in December

Home prices continued to climb in December, but at a slower pace than forecast.

The S&P/Case-Shiller home price index rose 0.8% compared to the prior month, and increased 5.7% year-on-year.

The largest increases among the 20 cities were recorded in Portland, San Francisco and Denver.

Economists had estimated that the 20-city index rose 0.85% month-on-month on a seasonally adjusted basis, compared to 0.94% in November, according to Bloomberg.

Compared to December 2014, the expectation was that the 20-city composite rose 5.80%.

“Continued increases in prices of existing homes, as shown in the S&P/Case-Shiller Home Price Indices, should encourage further activity in new construction,” said S&P Dow Jones Indices’ David Blitzer in the release.

Existing home sales numbers are also due on Tuesday.

Earnings results from Home Depot and Toll Brothers earlier showcased the resilience of the housing market, as both companies profited from a higher volume of contracts.

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