U.S. home prices rise in Oc­to­ber from last year

Austin American-Statesman - - BUSINESS -

WASHINGTON — U.S. home prices rose in most ma­jor cities in Oc­to­ber com­pared with a year ago, pushed up by ris­ing sales and a de­cline in the sup­ply of avail­able homes. Higher prices show the hous­ing mar­ket is im­prov­ing even as it moves into the more dor­mant fall and win­ter sales pe­riod.

The Stan­dard & Poor’s/CaseShiller na­tional home price in­dex re­leased Wed­nes­day in­creased 4.3 per­cent in Oc­to­ber com­pared with a year ago. That’s the largest yearover-year in­crease in two and a half years, when a home­buyer tax credit tem­po­rar­ily boosted sales.

Prices rose in Oc­to­ber from a year ago in 18 of 20 cities. Phoenix led all cities with a 21.7 per­cent gain, fol­lowed Detroit, where prices in­creased 10 per­cent. Prices de­clined in Chicago and New York.

Home prices fell in 12 of 20 cities in Oc­to­ber com­pared with Septem­ber.

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