Case-Shiller reported a higher home price increase of 3.3% in Oct., but it’s too soon to determine if it’s a new trend or a one-month exception.
NEW YORK – According to the Case-Shiller Home Price Index from S&P Dow Jones Indices and CoreLogic, October 2019 saw an annual increase of 3.3% for home prices across the country, which is up from the previous month’s pace.
During the month, the 10-city and 20-city composites reported a 1.7% and 2.1% year-over-year increase, respectively. Eight of 20 cities reported increases before seasonal adjustment, whereas 18 of 20 cities reported increases after seasonal adjustment.
Phoenix, Tampa, and Charlotte reported the highest year-over-year gains among all of the 20 cities.
“The Southeast region was also strong, as Charlotte, Tampa, and Atlanta all rose at greater than a 4% clip,” says Craig Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices. In October, Phoenix led with a 5.8% year-over-year home price increase, followed by Tampa with a 4.9% increase and Charlotte with a 4.8% increase.
“October’s results were broad-based, as both our 10- and 20-city composites rose,” Lazzara adds. “Of the 20 cities in the composite, only San Francisco saw a year-over-year price decline in October. As was the case last month, after a long period of decelerating price increases, the national, 10-city, and 20-city composites all rose at a modestly faster rate in October compared to September.”
Lazzara calls the stability “broad-based, reflecting data in 12 of 20 cities. It is, of course, still too soon to say whether this marks an end to the deceleration or is merely a pause in the longer-term trend.”
© Copyright 2020 INFORMATION INC., Bethesda, MD (301) 215-4688