Home prices increased 3.6% in October 2024 compared to the same month a year ago, down from a 3.9% rise the previous month, according to the S&P CoreLogic Case-Shiller Index released this week.
The 10-city composite rose 4.8% year over year compared to a 5.2% increase the previous month. The 20-city composite increased 5.2% year over year, down from a 4.2% increase the previous month. New York City reported the highest year-over-year gain among the 20 cities with a 7.3% increase in October, followed by Chicago and Las Vegas, with increases of 6.2% and 5.9%, respectively.
In related news, the Federal Housing Finance Agency’s House Price Index showed that home prices rose 0.4% in October. House prices rose 4.5% from October 2023 to October 2024. The previously reported 0.7% price growth in September remained unchanged. The FHFA index is calculated using the prices of houses bought with mortgages backed by Fannie Mae and Freddie Mac.
