Home Price Gains Slowing, But Still up 5.5%; Rates Moving Higher Today or Tomorrow

Home Price Gains Slowing, But Still up 5.5%; Rates Moving Higher Today or Tomorrow

Home prices continued to ratchet down their advances in October, fewer than half of the tracked cities saw prices increase on an unadjusted basis. The slowing is also beginning to show up in the annual readings. The Case-Shiller National Home Price Index which covers all nine U.S. census divisions, reported a 5.5 percent annual gain in October, unchanged from the year-over-year reading in September. That index had not been below 6.0 percent for a year until it dropped to 5.7 percent in August. Before seasonal adjustment the National Index managed a 0.1 percent gain for the month and 05 percent after adjustment. The 10-City Composite was up year-over-year by 4.7 percent, down from 4.9 percent the previous month and the 20-City Composite posted a 5.0 change, also 0.2 point lower than in September