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The S&P/Case-Shiller 20-City Home Price Index increased more than expected in September, showing some modest acceleration in the pace of house price gains. Home prices were up 0.6% m/m, and the y/y rate increased to 5.5% (previous 5.1%). The rise was broad-based. Prices were up or flat in 19 of 20 major metropolitan statistical areas (MSAs).
In the Chicago MSA, house prices fell a very modest 0.02%. Despite today's increase, house price appreciation seems to have stabilized recently, with all three of the major house price indexes showing steady y/y increases of close to 5% since mid-2014.
"We expect solid employment growth and modest wage increases to continue to support the housing market. We see ongoing gradual increases in house prices, a steady rise in residential construction, and further gains in new and existing home sales", says Barclays.
