Case-Shiller home prices rise more than expected

Home prices rose 0.9% in November, according to the latest S&P/Case-Shiller home price index.

Economists had estimated that the 20-city composite index, which covers major metropolitan areas, rose 0.8% month-on-month. Year-on-year, they had forecast a 5.7% rise, and the print was 5.8%.

Home prices rose "supported by continued low mortgage rates, tight supplies and an improving labor market," according to David Blitzer, managing director and chairman of hte index committee at S&P Dow Jones Indices.

Also due this morning is the house price index for November from the Federal Housing Finance Agency.

More to come ...

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