U.S. home prices rose 1.7% in January compared with December, the Federal Housing Finance Agency reported Tuesday.
It was the first monthly increase in a year. Home prices are down 6.3% in the past year.
The “unexpected rise” in January was partially due to stronger sales in some markets, While this is certainly good news, in our view it is
too soon to call a turnaround in the cycle,” wrote Charmaine Buskas, a senior economist for TD Securities.
“We will have to see several consecutive months of improved prices before a true turnaround can be called, and a significant inventory overhang remains.”
Better coverage of the bubble mortgages (Case-Shiller index) for January will be released next Tuesday.
Stayed tuned !
