U.S. home price growth accelerated in October to its highest level in more than six years.
Standard & Poor’s said Tuesday that its S&P CoreLogic Case-Shiller national home price index posted an 8.4 percent annual gain in October, up from 7 in September. The growth rate marks the highest level since March 2014. The 20-City Composite posted a 7.9 percent annual gain, up from 6.6 percent the previous month – beating analysts’ estimates of 6.95 percent, according to Bloomberg.
“We’ve noted before that a trend of accelerating increases in the National Composite Index began in August 2019 but was interrupted in May and June, as COVID-related restrictions produced modestly decelerating price gains. Since June, our monthly readings have shown accelerating growth in home prices, and October’s results emphatically emphasize that trend,” said Craig J. Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices, in a press statement.
Click here to see the full report from Amanda Fung in Yahoo Finance.
