U.S. home prices rise strongly in October home price appreciation maintains stable pace

The U.S. home prices grew strongly in the month of October. The FHFA purchase-only House Price Index rose 0.5 percent sequentially in October, slightly stronger than consensus expectations of 0.4 percent. On a year-on-year basis, prices rose to 6.6 percent and are at the higher end of the range of home price appreciation recorded by other measures. The September’s print was revised upwardly, which now shows that the home prices rose 0.5 percent sequentially.

Region wise, seven out of nine areas registered a rise in home prices, implying a widespread pickup. The largest rise was seen in East S. Central (+2.8%) and Middle Atlantic (+1.2%), whereas prices stayed flat in the Pacific region. The West N. Central region was the only one to have recorded a drop in home prices. Prices in that region fell 0.4 percent sequentially. Overall, home price appreciation continues to maintain a stable rate, noted Barclays in a research report.

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