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U.S. home prices stable in January

Xinhua, March 31, 2015 Adjust font size:

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

The S&P/Case-Shiller Home Price Indices, a leading measure of U.S. home prices, showed that the 10-City Composite gained 4.4 percent year-over-year, up from 4.3 percent in December, and the 20-City Composite added 4.6 percent year-over-year, compared to a 4.4 percent increase in December.

The S&P/Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, recorded a 4.5 percent annual gain in January 2015 versus a 4.6 percent increase in December 2014.

Both the 10 and 20-City Composites reported virtually flat month-over-month changes, while the National index declined for the fifth consecutive month in January, down 0.1 percent.

"The combination of low interest rates and strong consumer confidence based on solid job growth, cheap oil and low inflation continue to support further increases in home prices," David M. Blitzer, Managing Director and Chairman of the Index Committee for S&P Dow Jones Indices, said in a report.

However, "Despite price gains, the housing market faces some difficulties. Home prices are rising roughly twice as fast as wages, putting pressure on potential home buyers and heightening the risk that any uptick in interest rates could be a major setback. Moreover, the new home sector is weak; residential construction is still below its pre-crisis peak," he noted. Endi