U.S. home prices rise in October, housing sector to rebound modestly in 2017

Home prices in the U.S. gathered momentum in the month of October. The S&P CoreLogic Case-Shiller 20-city Home Price Index was up 0.7 percent sequentially in October, coming in above consensus expectations of a rise of 0.60 percent. The year-on-year rate of price appreciation rose higher to 6.4 percent, while the three-month annualized growth rebounded to 7.9 percent from 6.6 percent.

In the meantime, the figure for September was upwardly revised by five-tenths to 1 percent sequentially. The tight inventory situation, particularly among existing units, is one of the factors underpinning home price appreciation, noted Barclays.

Delving into details, all 20 cities covered in the report recorded positive monthly home price growth, which hints at strong momentum. Overall, the annual rate of home price appreciation has remained stable within the 5 percent to 6 percent range seen in the past year and is consistent with the view of a modest and stable rebound in the housing sector in 2017, stated Barclays.

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