U.S. home prices rise modestly in November

U.S. home prices rose modestly in the month of November. The FHFA purchase-only House Price Index rose 0.4 percent sequentially, slightly below consensus expectations of 0.5 percent. Part of the miss to the projection is because of the upward revision to October’s figure, which was revised by one-tenth to 0.6 percent sequentially.

On a year-on-year basis, the growth dropped by three-tenths to 6.5 percent in November. In spite of today’s below expectations figure, the FHFA measure continues to be at the higher end of the range of home price appreciation recorded by other measures.

Region wise, seven out of nine areas saw a rise in home prices, implying wide-spread momentum. Only the East S. Central and New England saw a decline in home prices.

At 19:00 GMT the FxWirePro's Hourly Strength Index of US Dollar was highly bearish at -171.104. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

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