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Investing.com - The S&P/Case-Shiller home price index rose slightly less than expected in January, industry data showed on Tuesday.
In a report, Standard & Poor’s with Case-Shiller said its house price index rose at an annualized rate of 13.2% in January from a year earlier, compared to forecasts for a 13.3% gain and following a rise of 13.4% in December.
Month-on-month, U.S. home prices inched down 0.1% in January, matching expectations and after dipping 0.1% in the preceding month.
“The housing recovery may have taken a breather due to the cold weather. From the bottom in 2012, prices are up 23% and the housing market is showing signs of moving forward with more normal price increases,” says David Blitzer, chairman of the index committee.
Following the release of the data, the U.S. dollar held on to gains against the euro, with EUR/USD shedding 0.38% to trade at 1.3787.
Meanwhile, U.S. stock index futures pointed to a higher open. The Dow Jones Industrial Average futures pointed to a rise of 0.55%, S&P 500 futures indicated a gain of 0.45%, while the Nasdaq 100 futures signaled an increase of 0.5%.