U.S. home prices have reported their fifth-largest annual gain on record after S&P CoreLogic Case-Shiller’s 20-city composite index surged 18.4% year-over-year in October. However, the figure marks a slowdown from the 19.1% year-over-year growth in September and came in below Refinitiv’s 18.5% growth estimate.
In addition, Case Shiller’s national home price index, which covers all nine U.S. census divisions, reported a 19.1% annual gain in October, down from 19.7% in the previous month, while the 10-city composite increased 17.1% year-over-year, down from 17.9% in the previous month.
Before seasonal adjustment, the U.S. national index posted a 0.8% month-over-month increase in October, while the 10-City and 20-City Composites both posted increases of 0.8%. After seasonal adjustment, the U.S. national index posted a month-over-month increase of 1%, and the 10-City and 20-City Composites posted increases of 0.8% and 0.9%, respectively.