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The S&P Case-Shiller 20-city home price index climbed 1.05% month-over-month in October. On a year-over-year basis, home prices were up 13.61%.
On a non seasonally adjusted basis however home prices were up 0.2% on the month.
This beat expectations for a 0.95% MoM rise and a 13.45% YoY rise. This was the biggest gain since February 2006.
Meanwhile, September home prices were modestly revised down to show a 0.98% MoM rise, and a 13.25% YoY rise. This compares with an initial reading of a 1.03% MoM rise, and a 13.29% YoY rise.
"Home prices increased again in October," David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices said in a press release. "Both Composites’ annual returns have been in double-digit territory since March 2013 and increasing; now up 13.6% in the year ending in October. However, monthly numbers show we are living on borrowed time and the boom is fading."
Blitzer pointed out that the key question to housing now is how the Fed's decision to taper its monthly asset purchase program will impact mortgage rates.
Home prices have been up for 20 straight months, according to CoreLogic, and economists warn that the pace of home price growth will cool going forward.
Here's a look at the trajectory of home prices since 1998:
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