U.S. Home Prices Rise More Than Forecast In December

U.S. single-family home prices in December rose slightly more than expected from the previous month, a closely watched survey showed on Tuesday.

The S&P/Case-Shiller composite index of 20 metropolitan areas gained 0.8 percent on a seasonally adjusted basis. A Reuters poll of economists forecast a rise of 0.6 percent.

The 20-city composite index rose 13.4 percent year-on-year.

"The S&P/Case-Shiller Home Price Index ended its best year since 2005," David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said in a statement.

"However, gains are slowing from month-to-month and the strongest part of the recovery in home values may be over."

More On This...

Bullish breakdown of housing renaissance

Yale’s Shiller on the state of housing

The 10-city composite index also rose 0.8 percent in December on a seasonally adjusted basis.

On a non-seasonally adjusted basis, the monthly 10-city gauge was unchanged while the 20-city measure dipped 0.1 percent