The M Report – Brian Honea
Home prices in the U.S. increased at a slower pace in October than in September, although eight cities experienced growth at a faster rate, according to the latest S&P/Case-Shiller Home Price Index released by S&P/Dow Jones Indices on Tuesday.
The rate of home price growth eased for both the 10- and 20-city composite indices year-over-year in October compared to September. The 10-city composite gained 4.4 percent year-over-year in October, compared to 4.7 in September, while the 20-city composite experienced a 4.5 percent year-over-year gain in October – down from 4.8 percent in September. The national index, which covers all nine U.S. census divisions, saw a year-over-year gain of 4.6 percent in October compared to 4.8 percent in September.
Eight cities out of the 20-city composite, however, scored higher year-over-year gains than the average for the composite, led by Miami (9.5 percent) and San Francisco (9.1 percent). Las Vegas had the lowest annual return in October with a decline of 1.2 percent.
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