Home prices in major U.S. metropolitan areas increased roughly in line with economist estimates in the month of January, Standard & Poor's revealed in a report on Tuesday.
The report showed that the S&P/Case-Shiller 20-City Composite Home Price Index increased by an annual rate of 8.1 percent in January compared to the 6.8 percent increase reported for December.
The year-over-year growth in home prices in January nearly matched economist estimates and reflected the strongest growth since June of 2006.
David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices, said, "This marks the highest increase since the housing bubble burst."
S&P said the 20-City Composite Home Price Index for January edged up by 0.1 percent on a monthly basis compared to a 0.2 percent increase in the previous month.
On a seasonally adjusted basis, the index rose by 1.0 percent in January following a 0.9 percent increase in December. The increase came in line with economist estimates.
by RTT Staff Writer
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