(MENAFN- Saudi Press Agency)
Washington, Jumada II 29, 1438, Mar 28, 2017, SPA -- U.S. home prices jumped in January from a year earlier at the fastest pace in more than two years, a closely watched survey showed Tuesday.
The S&P CoreLogic Case-Shiller 20-city home-price index rose 5.7 percent in January on a year-over-year basis, the most since mid-2014. The index rose 5.5 percent in December. On a monthly basis, home prices in the 20 cities rose 0.9 percent in January.
Americans increased home buying in January, even as mortgage rates rose. Many buyers likely sought to complete their deals before rates increased further.
David Blitzer, the chairman of the S&P index committee, said the recent interest-rate increases by the U.S. Federal Reserve (Fed) are not lifting mortgage rates very much and therefore should not limit further price gains. But if the pace of interest-rate increases accelerates, 'rising mortgage rates could become a concern.'
--SPA
17:41 LOCAL TIME 14:41 GMT
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