Photo: Lee Paxton/Wikimedia Commons
US single-family home prices increased in October at a slower rate than the previous month, according to today’s S&P/Case-Shiller report.
The S&P/Case-Shiller National Home Price Index, which includes all nine Census divisions, gained 4.6 percent year-over-year on a seasonally adjusted basis. The composite index of 20 metropolitan areas posted a 4.5 percent year-over-year increase in October, compared to the revised 4.8 percent rate from September. The 20-city index inched up 0.8 percent from the previous month. The 10-city index was up 4.4 percent from the previous year, also at a slower pace than September’s 4.7 percent annual growth rate.
Miami and San Francisco demonstrated the biggest annual increases in home prices, at 9.5 percent and 9.1 percent, respectively. Prices gained faster in October for eight cities, including Tampa and Denver; on the opposite end of the spectrum, Las Vegas home prices slid down 1.2 percent.
Yale professor and index co-creator Robert Shiller told CNBC that San Francisco is “getting a little bit bubbly.” San Francisco single-family homes recorded a 0.8 percent increase in price in October from the prior month.
“After a long period when home prices rose, but at a slower pace with each passing month, we are seeing hints that prices could end 2014 on a strong note and accelerate into 2015,” S&P Dow Jones Indices managing director David Blitzer said in a statement. “Two months ago, all 20 cities were experiencing weakening annual price increases. Last month, 18 experienced weakness. This time, 12 cities had weaker annual price growth, but eight saw the pace of price gains pick up. Seasonally adjusted, all 20 cities had higher prices than a month ago.”
Image: S&P/Case-Shiller US National Home Price Index