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U.S. home prices stable in December

Xinhua, February 24, 2015 Adjust font size:

U.S. home prices didn't change much in December, according to S&P/Case-Shiller Home Price Indices released Tuesday.

The 10-City Composite gained 4.3 percent year-over-year, up from 4.2 percent in November. The 20-City Composite gained 4.5 percent year-over-year, compared to 4.3 percent in November.

The National Home Price Index, which covers all nine U.S. census divisions, recorded a 4.6 percent annual gain in December 2014 versus 4.7 percent in November.

Both the 10 and 20-City Composites reported a slight upturn, 0.1 percent, while the National Index posted a -0.1 percent change for the month.

David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said in the statement that the housing recovery is faltering. While prices and sales of existing homes are close to normal, construction and new home sales remain weak.

He added the regional patterns and the weakness in new construction and new sales may reflect decreasing mobility -- fewer people moving to different parts of the country or seeking jobs in different regions. Endi