The S&P/Case-Shiller price index for 20 major cities rose 5.5 percent from a year ago in October following a 5.4 percent rise in September.
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Home prices continue to rise, as the quality of the home loans continues to improve, according to the latest housing industry data released this morning. But weakening Latin American and European currencies have taken the pop out of a market that many observers feared was overheating.
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USA home price gains quickened in October, and several cities saw double-digit growth.
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Job gains and more household formation “will continue to boost demand, and prices should continue to stay within this current healthy range in 2016”, Anika Khan, a Charlotte-based senior economist at Wells Fargo Securities, said before the report. Seattle-based Zillow’s home price index is based on the estimated value of all properties in a market, not just those that sold in a given month. Three metropolitan areas-Columbus, Ohio; Kansas City, Mo.; and Washington, D.C.-tied with the highest month-over-month defect frequency rate, with 1.4 percent each.
“The Case-Shiller 20 Metro home price index appears to be gaining strength”, Dr. Sanders observed. On a seasonally adjusted basis, the 10-city and 20-city indexes rose 0.8% from September to October. At 0.2 percent, the smallest increases were registered in San Diego, Detroit and Las Vegas.
David Blitzer, who oversees the index at S&P Dow Jones Indices, said in a statement that economic conditions supported the gains in home prices nationally.
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Blitzer addressed concerns that the Federal Reserve’s decision to raise interest rates will lead to higher mortgage interest rates. 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. Sales of new single family homes, despite recent increases in construction, remain mixed to soft compared to the trend in existing home sales. Still, home sales are on track to rise roughly 5 per cent for the entire year.
