Home prices rose 6.2% on an annual basis in October, not seasonally adjusted, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index, released Tuesday.

In September, the index rose 6.1%.

The 10-city composite index grew 6.0% year-over-year, better than the 5.7% rate in the prior month, while the 20-city index grew 6.4% year-over-year, up from 6.2% in September.

"Seattle, Las Vegas and San Diego reported the highest year-over-year gains among the 20 cities for the third consecutive month, with year-over-year price increases of 12.7%, 10.2% and 8.1%, respectively," according to a release.

Nine cities saw larger price increases for the year ending October than in September.

“Home prices continue their climb supported by low inventories and increasing sales,” David M. Blitzer, managing director & chairman of the index committee at S&P Dow Jones Indices, said in a release. “Nationally, home prices are up 6.2% in the 12 months to October, three times the rate of inflation. Sales of existing homes dropped 6.1% from March through September; they have since rebounded 8.4% in November. Inventories measured by months-supply of homes for sale dropped from the tight level of 4.2 months last summer to only 3.4 months in November.”

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Gary Siegel

Gary Siegel

Gary Siegel has been at The Bond Buyer since 1989, currently covering economic indicators and the Federal Reserve system.