Home prices once again trended higher in October as positive economic news continues to support increases, according to the most recent S&P/Case-Shiller U.S. National Home Price Index, covering all nine U.S. census divisions.
Home prices posted a slightly higher year-over-year gain with a 5.2% annual increase in October, up from a 4.9% increase in September.
The 10-City Composite increased 5.1% in the year to October, compared to 4.9% previously, while the 20-City Composite’s year-over-year gain was 5.5% versus 5.4% reported in September.
On a monthly basis and after seasonal adjustment, the national index posted a gain of 0.9%, while the 10-City and 20-City Composites both increased 0.8% month-over-month.
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“Generally good economic conditions continue to support gains in home prices,” said David Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices.
“Among the positive factors are consumers’ expectations of low inflation and further economic growth as well as recent increases in residential construction including single-family housing starts,” he continued.