December 2, 2016 / 3:02 AM / 2 years ago

Brazil home prices rise in November for 9th straight month

SAO PAULO, Dec 2 (Reuters) - Brazilian home prices rose for the ninth straight month in November, giving builders and banks some hope the worst of a multi-year market downturn was finally easing, market data released on Friday showed.

The monthly FipeZap indicator, which covers 20 major Brazilian cities, edged up 0.07 percent from October, university research center Fipe and online classified ad platform Zap said.

Despite the streak of consecutive increases in national prices, the rise in home values has failed to outpace inflation, suggesting gains for sellers in cities like São Paulo and Rio de Janeiro may be a long way off.

While Brazilian home prices rose by 0.45 percent in the first 11 months of 2016, inflation for the period is expected to have reached 6.13 percent, the statement said. The government will release inflation data next Friday.

In Rio de Janeiro, where prices per square meter are the highest in the country, the value of homes edged lower by 0.15 percent in November, the survey showed. In São Paulo, home prices were practically unchanged from October. (Reporting by Ana Mano; Editing by Richard Chang)

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