US house price growth slowed in January

LONDON (ShareCast) - House price growth Stateside slowed down in January, to a 0.3% month-on-month rate of rise, according to the Federal Housing Finance Agency (FHFA). This was also slower than economists had predicted, having penciled estimates for 0.5% growth.

The previous month's rate of growth was revised down to show a gain of 0.7%, versus a preliminary estimate of 0.8%.

In comparison to the year-ago level prices stood 5.1% higher.

The home price index was left 3.5% below its pre-recession peak reached in March 2007.

The twelve month rate of change ranged from a 1.7% increase in the Mid-Atlantic region to 8.2% on the Pacific coast.