Notable Home Price Indices Show Rise in October

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Peoples Home Equity comments on today's release from S&P/Case-Shiller Home Price Index.

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The best faring cities were Las Vegas posting a 1.19% rise in October, and Miami with 1.13%.

The S&P/Case-Shiller home price index reported yet another positive monthly rise, this time for October. The announcement released yesterday, December 31st, was hardly surprising for Peoples Home Equity since the Federal Housing Finance Agency had already announced a positive report regarding October home prices in their own report on December 23rd.

The S&P/Case-Shiller 20-City Composite Home Price Index posted a 0.18% rise from September to October 2013. Peoples Home Equity notes that while the monthly gain may seem meager, the rise is important as the 20-city composite has shown a positive increase for every month of 2013. In fact, the last time the 20-city composite home price index reported a monthly loss was in November 2012. The best faring cities for October 2013 were Las Vegas, posting a 1.19% rise in October, and Miami with a 1.13% increase. Meanwhile, there were a few duds in this month’s report as 8 of the 20 cities recorded posted a decline. The worst cities that negatively influenced the 20-city composite were Chicago with a -0.48% decline and Washington, D.C. with -0.42%. Year-to-date of every city showed gains for the year ranging from a satisfactory 5.83% in Cleveland, OH to a spectacular 24.24% in Las Vegas. In total, the 20-city composite home price index has risen 13.57% year-to-date.

Peoples Home Equity expects future S&P/Case-Shiller reports to be positive for the remainder months of 2013; November and December. Worst case scenario, Peoples Home Equity expects these last two upcoming reports for 2013 to show only very small declines.

For now readers should reflect on this data. In the current environment where home prices are consistently rising coupled with the fact that the Federal Reserve has tapered its quantitative easing program means prospective home buyers should prepare for rising mortgage rates. Peoples Home Equity encourages all prospective home buyers to apply now for a mortgage before it becomes less affordable!

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