The S&P Case-Shiller 20-city home price index climbed 1.05% month-over-month in October. On a year-over-year basis, home prices were up 13.61%.
On a non seasonally adjusted basis however home prices were up 0.2% on the month.
This beat expectations for a 0.95% mum rise and a 13.45% YoY rise. This was the biggest gain since February 2006.
“Home prices increased again in October,” David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices said in a press release. “Both Composites’ annual returns have been in double-digit territory since March 2013 and increasing; now up 13.6% in the year ending in October. However, monthly numbers show we are living on borrowed time and the boom is fading.”
Meanwhile, September home prices were modestly revised down to show a 0.98% mum rise, and a 13.25% YoY rise. This compares with an initial reading of a 1.03% mum rise, and a 13.29% YoY rise.
Home prices have been up for 20 straight months, according to CoreLogic, and economists warn that the pace of home price growth will cool going forward.
Here’s a look at the trajectory of home prices since 1998:
Business Insider Emails & Alerts
Site highlights each day to your inbox.