United States: House prices edge up in October
December 27, 2016
The S&P/Case-Shiller 20-city home composite index inched up 0.1% in October from the previous month. The result, which was in line with market expectations, followed a similar increase in September. When adjusted for seasonal factors, home prices increased 0.6% from the previous month, a notch above the 0.5% rise observed in September.
Compared to the same month of the previous year, home prices edged up from September’s 5.0% to 5.1% in October—a four-month high. S&P said that Denver, Portland and Seattle continued to report the strongest increases in prices of the 20 cities included in the index.
S&P also signaled that, “While seven of the 20 cities previously reached new post-recession peaks, those that experienced the biggest booms—Miami, Tampa, Phoenix and Las Vegas—remain well below their all-time highs.”
Author: Ricardo Aceves, Senior Economist