S&P CoreLogic Case-Shiller published the national house price index data for October.
Accordingly, the national house price index in the US increased by 4.8 percent in October compared to the same period last year. The index increased by 4 percent annually in September.
The national house price index increased by 0.6 percent on a monthly basis in October, seasonally adjusted.
The index of house prices in 20 US cities also increased by 4.9 percent in October compared to the same month last year.
Market expectations were for the index to increase by 5 percent in this period. The index, which recorded its biggest increase since November 2022, increased by 3.9 percent in September.
In the said period, the index for house prices in 20 cities rose by 0.6 percent on a monthly basis, seasonally adjusted.
Among the 20 cities in the index, Detroit was the city where house prices increased the most on an annual basis. In Detroit, house prices increased by 8.1 percent on an annual basis in this period. After Detroit, the other cities where house prices increased the most were San Diego with 7.2 percent and New York with 7.1 percent. In the same period, house prices fell 0.6 percent annually in Portland.
Brian Luke, Head of S&P DJI Commodities, Real and Digital Assets, stated that house prices in the US recorded the fastest increase of the year in October.
Pointing out that house prices continued to rise despite high mortgage interest rates, Luke stated that homeowners' homes may gain more value as mortgage interest rates fall and the US Federal Reserve (Fed) turns to a slightly looser monetary policy stance.
