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Case-Shiller: Home prices continue upward trend

Prices buoyed by good economic conditions

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.

Click to enlarge

chart

(Source: Case-Shiller)

“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. 

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