US house price growth steady in December - S&P/Case-Shiller

US house price growth was steady in December, according to the S&P/Case-Shiller National Home Price Index.

The 20-city index was up 6.3% on the year, slowing down from a 6.4% gain the previous month but in line with economists' expectations.

Meanwhile, the national home price NSA index covering all nine US census divisions was also up 6.3% on the year in December, compared to 6.1% in November.

Seattle, Las Vegas, and San Francisco reported the highest year-on-year gains among the 20 cities. Seattle led the way with a 12.7% price increase, followed by Las Vegas with an 11.1% rise and San Francisco with a 9.2% increase. Nine cities reported greater price increases in the year ending December 2017 versus the year ending November 2017.

David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices, said: "The rise in home prices should be causing the same nervous wonder aimed at the stock market after its recent bout of volatility.

"Across the 20 cities covered by S&P Corelogic Case Shiller Home Price Indices, the average increase from the financial crisis low is 62%; over the same period, inflation was 12.4%. None of the cities covered in this release saw real, inflation-adjusted prices fall in 2017."