Tuesday, December 30, 2014

National Home Price Continues Deceleration

The 20-City Case-Shiller Composite gained 4.5% year-over-year in October, compared with a 4.8% gain in September, as the pace of home prices across the country continued to steadily decline. The 10-City Composite gained 4.4% in October from the previous year, down from 4.7% in September. The National Index recorded a 4.6% gain on an annual basis in October, compared to a 4.8% gain in September. Although the pace of home prices across the country continue to decelerate, home prices in eight cities rose faster.

On a monthly basis, both the 10-City and the 20-City Composites reported a downturn of 0.1% and the National Index declined 0.2%.

Ten cities of the 20-City Composite (four cities of the 10-City) reported monthly declines in October. Chicago and Cleveland were the primary contributors to the monthly decline, decreasing 1.0% and 0.7%, respectively, partially offset by 0.8% increases in both San Francisco and Tampa.

Year-over-year, Miami increased 9.5%, the highest of the 20 cities, followed by 9.1% growth in San Francisco and 8.0% growth in Las Vegas. Cleveland reported the slowest year-over-year growth, increasing 0.9%, followed by a 1.9% increase in Chicago and a 2.0% increase in New York.

Read the S&P release.

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