U.S. home prices increased 1.4% in October compared to a year earlier, a marginal acceleration from the 1.3% annual gain recorded in September. The data, released in the S&P Cotality Case-Shiller Indices, shows a sharp regional divergence, with Chicago leading major markets with a 5.8% annual gain and Tampa posting the steepest decline at 4.2%.
The 20-City Composite Index rose 1.3% year-over-year, while the 10-City Composite increased 1.9%. On a monthly basis before seasonal adjustment, 16 of the 20 metropolitan areas saw prices decline in October, with the 20-City Composite falling 0.3%. After seasonal adjustment, the national index posted a 0.4% monthly increase. The persistent weakness is attributed to high mortgage rates suppressing affordability and price momentum, according to S&P Dow Jones Indices.
