The pace of home price growth nationwide continued to decelerate in October, according to the S&P Home Price Index (PDF file).
The pace of home price growth nationwide continued to decelerate in October, according to the S&P Home Price Index (PDF file).
The National Home Price Index, which covers the nine U.S. Census divisions, gained 4.6 percent annually in October. A month earlier that gain was 4.8 percent. The 10-City Composite gained 4.4 percent year-over-year, down from 4.7 percent in September. The 20-City Composite increased 4.5 percent year-over-year, compared with a 4.8 percent gain in September.
Month-over-month, the National and Composite indices showed negative gains. Both the 10 and 20-City Composites decreased by 0.1 percent, and the National Index decreased by 0.2 percent.
While home price gains did ease in October, the future outlook remains positive, said David Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices, in a statement.
“After a long period when home prices rose, but at a slower pace with each passing month, we are seeing hints that prices could end 2014 on a strong note and accelerate into 2015,” he said.
Eight cities saw prices rise faster year-over-year in October than in September. Only 12 cities showed weaker annual price growth in October, while 18 cities and 20 cities showed weaker price growth in September and August.