US HOME PRICES UP 19% IN YEAR TO OCTOBER

Tue 28 December 2021:

The S&P Dow Jones Indices (S&P DJI) said on Tuesday that US home prices rose slightly more than 19 percent in the year to October, despite falling slightly from September.

“In October 2021, US home prices moved substantially higher, but at a decelerating rate,” S&P DJI Managing Director Craig Lazzara in a news release. “The National Composite Index rose 19.1% from year-ago levels, and the 10- and 20-City Composites gained 17.1% and 18.4%, respectively.

In all three cases, October’s gains were below September’s, and September’s gains were below August’s.”

October’s 19.1% gain in the National Composite was the fourth-highest reading in 34 years of S&P DJI data, Lazzara added.

The selling price for a new residence in the United States hit record highs above $416,000 in November, according to Commerce Department data that showed no let up in the rise of home prices as inflation in the world’s largest economy grew at its fastest pace in four decades.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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