US house prices rise in October

(Sharecast News) - US home prices rose 1.4% year‑on‑year in October, according to the S&P/Case‑Shiller national home price index, up slightly from the 1.3% annual gain recorded in September. The figures continued to point to a sharp regional divergence, with Midwestern and Northeastern cities leading annual growth, while Sun Belt markets such as Tampa, Phoenix and Dallas remained under pressure. Sixteen of the 20 major metropolitan areas tracked by the index delivered month‑on‑month declines, as high mortgage rates continued to weigh on affordability and dampen price momentum.

Elsewhere, the Federal Housing Finance Agency's seasonally adjusted monthly house price index revealed US house prices edged up 0.4% in October. Prices were 1.7% higher than at the same time a year earlier, while September's previously reported flat reading was downwardly revised to a 0.1% decline.

Across the nine census divisions, monthly price movements ranged from a 0.4% fall in the East South Central region to a 1.0% gain in the West South Central division.

On an annualised basis, changes varied from a 0.7% drop in the West South Central division to a 5.3% increase in the Middle Atlantic region.





Reporting by Iain Gilbert at Sharecast.com