US home prices up for sixth month

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US house prices rose in November for the sixth month in a row while US consumer confidence continues to grow, figures have indicated.

House prices were 0.2% higher compared with October on a seasonally-adjusted basis, according to the Standard & Poor's/Case-Shiller Home Price index.

Confidence among US consumers rose for the third month in a row in January to its highest level in more than a year.

However, the US Conference Board said "pessimists still outnumber optimists".

The board's Consumer Confidence Index rose to 55.9, up from 53.6 in December.

"Consumers' short-term outlook, while moderately more positive, does not suggest any significant pickup in activity in the coming months," said Lynn Franco, director of the board's Consumer Research Center.

Consumer confidence figures are watched closely in the US because consumer spending accounts for about 70% of the country's overall economic activity.

Price stability

Despite the small increase in home prices, the outlook for the US housing market remains mixed, said David Blitzer, chairman of the index committee at Standard & Poor's.

He said 14 of the 20 cities surveyed had seen prices increase between October and November.

However, he concluded that: "On balance, while these data do show that home prices are far more stable than they were a year ago, there is no clear sign of a sustained, broad-based recovery."