U.S. single-family home price appreciation slowed further in November as lean inventories and tight lending standards have limited housing activities, according to a closely watched survey released on Tuesday.
The S&P/Case Shiller composite index of 20 metropolitan areas gained 4.3 percent in November from the prior year, the slowest since October 2007 although it matched analyst expectations. This compared with a 4.5 percent annual increase in October.
"With the spring home buying season, and spring training, still a month or two away, the housing recovery is barely on first base,'' said David Blitzer, chairman of the index committee at S&P Dow Jones Indices, said in a statement.
"Prospects for a home run in 2015 aren't good,'' he added.
A broader measure of national housing market activity rose at a 4.7 percent clip on a year-over-year basis, compared with a 4.6 percent rate in October.
The seasonally adjusted 10-city gauge rose 0.7 percent in November following a revised 0.6 percent gain in October, while the non-adjusted 10-city index fell 0.3 percent after 0.2 percent drop in October.