U.S. Home Price Growth In Major Cities Holds At 5.1% In September
29 November 2016 - 8:35PM
RTTF2
Home price growth in major U.S. metropolitan areas held steady
in the month of September, according to a report released by
Standard & Poor's on Tuesday.
The report said the S&P CoreLogic Case-Shiller 20-City
Composite Home Price Index saw a year-over-year increase of 5.1
percent in September, unchanged from August. Economists had
expected the pace of growth to accelerate to 5.2 percent.
The 20-City Composite Home Price Index was up by 0.4 percent
month-over-month in September following an upwardly revised 0.3
percent increase in August.
On a non-seasonally adjusted basis, the index inched up by 0.1
percent in September after rising by 0.4 percent in the previous
month.
The report also said the S&P CoreLogic Case-Shiller U.S.
National Home Price Index was up by 5.5 percent year-over-year in
September and surpassed the peak set in July of 2006.
"The new peak set by the S&P Case-Shiller CoreLogic National
Index will be seen as marking a shift from the housing recovery to
the hoped -for start of a new advance" said David M. Blitzer,
Managing Director and Chairman of the Index Committee at S&P
Dow Jones Indices.
He added, "While seven of the 20 cities previously reached new
post-recession peaks, those that experienced the biggest booms --
Miami, Tampa, Phoenix and Las Vegas -- remain well below their
all-time highs."
Wednesday morning, the National Association of Realtors is
scheduled to release a separate report on pending home sales in the
month of October.
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