(CEP News) - U.S. house prices unexpectedly advanced in January, according to a report from the Federal Housing and Finance Administration on Tuesday.

The report showed a 1.7% month-over-month increase in U.S. house prices following a downwardly revised 0.2% decline in December. The consensus had been for a 0.9% contraction.

The largest increase came in the South Atlantic region, reversing a sharp decline the month prior, where home prices were up 3.6%. In the East North Central region, prices were up 3.9%.

Only one region saw a decline in house prices - the Pacific, where prices were down 0.9%. House prices in the West South Central region were flat.

On an annual basis, house prices are down 6.3% from January 2008.

By Megan Ainscow, mainscow@economicnews.ca, edited by Stephen Huebl, shuebl@economicnews.ca

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Posted in Categories: Economy, Housing, Releases, USA.

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