US home prices improve at slower rate in October, but annual gain continues to be strong - InfoNews

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US home prices improve at slower rate in October, but annual gain continues to be strong

FILE - In this Nov. 14, 2013 file photo, a home is advertised for sale in Matthews, N.C. Standard & Poor's releases S&P/Case-Shiller index of home prices for October on Tuesday, Dec. 31, 2013. (AP Photo/Chuck Burton, File)
December 31, 2013 - 6:01 AM

WASHINGTON - Home prices in most U.S. cities increased at a slower pace in October from September, as higher mortgage rates weighed on sales and dampened the housing recovery.

The Standard & Poor's/Case-Shiller 20-city home price index rose 0.2 per cent from September to October, down from a 0.7 per cent increase from August to September.

Monthly price gains slowed in 18 of the 20 cities tracked by the index. And prices declined in nine cities, including Chicago, Denver, and Washington.

For the year, prices are still strong, reflecting big gains in earlier months. They have risen 13.6 per cent over the past 12 months, the fastest since Feb. 2006.

The Case-Shiller index covers roughly half of U.S. homes. It isn't adjusted for seasonal variations, so the change partly reflects slower buying in the fall.

News from © The Associated Press, 2013
The Associated Press

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