A lower unemployment rate for the U.S, is good, but the head of Standard & Poor's Index Committee says last week's posting is not a reason to look for housing demand, and thus prices, to take off anytime soon.

"The question for housing is wrapped up with how confident people feel," David Blitzer wrote in his blog on S&P's Housing Views website. "If the only factors affecting the decision to buy a house were mortgage rates and home prices, we would be looking at a housing boom."

The November figure of 8.6 unemployment from the Bureau of Labor Statistics was nice. Some reports noted that it was at least partially due to people giving up hope of finding a job, which takes them out of the "workforce," however.

Whatever the granular reasons for the final number, one good month does not a trend make, Blitzer said.

"For both housing and jobs, we need a string of good reports, not just one little pop," he wrote.