US home prices rise as expected in January

Home prices in the States edged higher in January led by increases in the Northwest and Southeast.

The Federal Housing Finance Agency´s monthly house price index increased by 0.5% month-on-month in January to reach 230.7, alongside roughly offsetting revisions to the readings for the prior two months.

Economists had pencilled in a rise of 0.5%.

In comparison to a year ago, house prices were 6.0% higher.

Of the FHFA´s nine census divisions, the sharpest gains were seen in West North Central and South Atlantic, where prices rose by 1.2% and 1.7% month-on-month.

The Middle Atlantic region was the only one to suffer a decline, with prices retreating by 1.0%.