Home prices at the end of October were 4.3 percent above where they were on the 20-City Composite of the Case-Shiller Home Price Index last year, according to the newest data released on Thursday . When combined with the 3.4 percent growth of the 10-City Composite, the unexpected results provided further evidence of a sustained housing recovery.
Price performance among individual metros gave cause for optimism as well: Nineteen of the 20 cities monitored by the index showed greater year-over-year growth in October than September. Phoenix posted rising prices (21.7 percent) for the 13th consecutive month, the best performance in the index. San Diego was close behind with its ninth straight positive month (6 percent).
Chicago (-1.3 percent) and New York (-1.2 percent) were the only metros to show negative annual price changes.
“Looking over this report, and considering other data on housing starts and sales, it is clear that the housing recovery is gathering strength,” said David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices. “Higher year-over-year price gains plus strong performances in the southwest and California, regions that suffered during the housing bust, confirm that housing is now contributing to the economy.”
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