New York Dec 27 (IANS) US home prices kept rising across the country in October indicating that the housing sector continued steady growth.
According to a fresh report released by S&P Dow Jones Indices Tuesday the S&P CoreLogic Case-Shiller US National Home Price NSA Index reported a 6.2-per cent-annual-gain in October up from 6.1 per cent in the previous month.
The 10-City Composite annual increase came in at 6.0 per cent up from 5.7 percent in the previous month while the 20-City Composite increased 6.4 percent year-over-year up from 6.2 per cent in the previous month.
Seattle Las Vegas and San Diego reported the highest year-over-year gains among the 20 cities. In October Seattle led the way with a 12.7-percent year-over-year price increase followed by Las Vegas with a 10.2-per cent increase and San Diego with an 8.1-percent increase.
After seasonal adjustment the National Index 10-City and 20-City Composites all recorded a 0.7-per cent month-over-month increase in October.
"Home prices continue their climb supported by low inventories and increasing sales " said David Blitzer Managing Director & Chairman of the Index Committee at S&P Dow Jones Indices.
"Underlying the rising prices for both new and existing homes are low interest rates low unemployment and continuing economic growth " said Blitzer. "Some of these favourable factors may shift in 2018. The Fed is widely expected to raise the Fed funds rate three more times to reach 2 percent by the end of the New Year."
--IANS
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