United States: Home price growth picks increases to an over seven-year-high in October
December 29, 2020
The S&P/Case-Shiller 20-city composite home price index—excluding Detroit due to reporting delays—increased 1.3% month-on-month in October virtually matching September’s rise—the quickest pace since August 2013. When adjusted for seasonal factors, home prices were up 1.6% in October compared to 1.4% the month prior.
Home prices climbed 7.9% in annual terms in October, which was stronger than September’s 6.6% increase and marked the quickest pace of growth since June 2014. Gains were the strongest in Phoenix for 17 straight months, followed by Seattle and San Diego. Overall, all 19 cities—Detroit data was unavailable in the index in October—registered price growth in October.
Author: Steven Burke, Economist