Home Prices Accelerate as Mortgage Rates Drive Broad-Based Appreciation
December 26 2023 - 11:13AM
Dow Jones News
By Denny Jacob
Home prices gained from a year earlier in October as high
mortgage rates led to appreciation broadly across the country.
The S&P CoreLogic Case-Shiller National Home Price Index,
which measures home prices across the nation, posted a 4.8%
increase year-over-year in October.
On a month-over-month basis, the index rose a seasonally
adjusted 0.6% in October.
The Case-Shiller index, which measures repeat-sales data,
reports on a two-month delay and reflects a three-month moving
average. Homes usually go under contract a month or two before they
close, so the October data is based on purchase decisions made
earlier this year.
Economists surveyed by The Wall Street Journal expected the
20-city index to increase 5%.
Detroit had the fastest annual home-price growth in the country,
at 8.1%, followed by San Diego, at 7.2%. The weakest market was
Portland, where prices fell 0.6% on an annual basis.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
December 26, 2023 10:58 ET (15:58 GMT)
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