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Market Updates

Market News Update: Home Prices Improved Dramatically in October…Or Did They?

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chartFrom Jason Payne, Market News Analyst:

Home prices improved dramatically once again during October, but indications suggest that 2013's robust price increases are almost tapped out.

As reported earlier this week, the widely-watched S&P/Case-Shiller index of U.S. home prices rose 13.6% from year-ago levels, thereby representing the largest annual gain since early 2006 (at the peak of the housing bubble).

The gain was widespread, with all 20 major markets tracked by the index posting solid improvements. New York (up 4.9%) posted the smallest gain, while Las Vegas (up 27.1%) posted the largest gain.

Home values have been rising at a faster annual rate every month for almost two years, driven primarily by:

  • The depletion of available inventories by deal-hungry investors
  • And improving employment trends across the U.S. economy (which empowers a larger population of retail buyers)

But due to the prospect of rising mortgage rates and several other factors, October…


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