Home prices rise 0.3 percent in December, the 7th monthly gain

Home prices rise 0.3 percent in December

MIAMI — Home prices rose nationally for the seventh straight month in December as the U.S. housing market continues its bumpy road to recovery.

The Standard & Poor’s/Case-Shiller 20-city home price index rose 0.3 percent from November to December, to a seasonally adjusted reading of 145.87. The index was off 3.1 percent from December last year, nearly matching analysts’ estimates that it would fall by 3.2 percent.

Only five of 20 cities in the index showed declines from November to December. The index is now up more than 3 percent from its bottom in May, but still 30 percent below its May 2006 peak.

On a quarterly basis, U.S. home prices fell 2.5 percent compared with the fourth quarter of 2008.