Investing.com - The S&P/Case-Shiller home price index rose more than expected in January, easing concerns over the health of the housing sector, 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 4.6% in January from a year earlier, above forecasts for a reading of 4.5% and following a gain of 4.5% in December.
Despite the annual increase, monthly data reveal slowing increases and seasonal weakness.
The National index declined for the fifth consecutive month in January, reporting a -0.1% change for the month. Unusually cold and wet weather may have weakened activity in some cities.
"The combination of low interest rates and strong consumer confidence based on solid job growth, cheap oil and low inflation continue to support further increases in home prices” says David M. Blitzer, Managing Director and Chairman of the Index Committee for S&P Dow Jones Indices.
EUR/USD was trading at 1.0753 from around 1.0754 ahead of the release of the data, GBP/USD was at 1.4788 from 1.4790, while USD/JPY was at 119.85 from 119.82 earlier.
The US dollar index, which tracks the greenback against a basket of six major rivals, was at 98.73, compared to 98.72 ahead of the report.
Meanwhile, U.S. stock futures indicated a lower open. The Dow futures pointed to a loss of 0.45% at the open, the S&P 500 futures fell 0.45%, while the Nasdaq 100 futures slumped 0.3%.