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U.S. home prices rose in October 2019 by 3.3% year-over-year and 3.2% month-over-month according to the latest results from the S&P CoreLogic Case-Shiller Indices, revealing which cities experienced the most growth.
The Indices’ 10-City Composite annual increase came in at 1.7%, up from 1.5% in the previous month. The 20-City Composite posted a 2.2% year-over-year gain, up from 2.1% in the previous month.
Phoenix, Tampa and Charlotte reported the highest year-over-year gains among the 20 cities. In October, Phoenix led the way with a 5.8% year-over-year price increase, followed by Tampa with a 4.9% increase and Charlotte with a 4.8% increase. Twelve of the 20 cities reported greater price increases in the year ending October 2019 versus the year ending September 2019.
Month-over-month, the 10-City and 20-City Composites all posted increases of 0.1% before seasonal adjustment in October. After seasonal adjustment, the National Index recorded a 0.5% month-over-month increase in October while the 10-City and 20-City Composites both posted a 0.4% increase.
According to Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P Dow Jones Indices, the recent data is good news, as only one city saw year-over-year price declines.
"October’s U.S. housing data continue to be reassuring,” Lazzara said. “With October’s 3.3% increase in the national composite index, home prices are currently more than 15% above the pre-financial crisis peak reached July 2006. October’s results were broad-based, as both our 10- and 20-city composites rose. Of the 20 cities in the composite, only San Francisco saw a year-over-year price decline in October.”
City-focused stability was broad-based, Lazzara noted, 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,” he adds.
