United States: Home prices rise at fastest annual clip in over a year in October
December 29, 2015
In October, the unadjusted S&P/Case-Shiller 20-city home price composite index increased 0.1% over the previous month. The result was below the 0.2% increase tallied in September and the 0.4% increase expected by the market.
Home prices rose 5.5% over the same month last year, which was higher than the 5.4% rise recorded in September and marked the largest increase since August of last year. S&P pointed out that annual price increases were greater in 12 of the 20 cities surveyed.
According to the director of the index, “Generally good economic conditions continue to support gains in home prices. 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.”
Author: Carl Kelly, Economist