San Francisco, Miami Claim Biggest December Homeprice Gains
The S&P/Case-Shiller index of homeprices in 20 US cities rose 4.5% last December compared to the previous year, according to a report the group released today. That gain followed a 4.3% jump for the year ended last November and indicated that a tight housing supply is spiking prices even as homebuilder confidence and home resales struggle. The result fell in the middle range economists' forecasts of a 4.1% to 4.8% uptick, reported Bloomberg.
San Francisco and Miami saw the biggest gains, of 9.3% and 8.4%. And although prices in every city on the index improved, Chicago lagged with 1.3% growth, the most sluggish result in the report. New York, Minneapolis, Cleveland and DC also had modest gains below 2%, or less than half of the overall index's climb.
