US home prices rise slightly in October, top forecast
[NEW YORK] Annualized US single-family home prices rose in October at a slightly faster pace than in September and above market expectations, a closely watched survey showed on Tuesday.
The S&P/Case Shiller composite index of 20 metropolitan areas gained 5.5 per cent in October on a year-over-year basis compared with 5.4 per cent in the year to September. It was just above the 5.4 per cent estimate from a Reuters poll of economists. "Generally good economic conditions continue to support gains in home prices," said David M. Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices. "Among the positive factors are consumers' expectations of low inflation and further economic growth as well as recent increases in residential construction including single family housing starts. Inventories of existing homes have averaged around a five-month supply for the past year, a level that suggests a fairly tight market with limited supplies."
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
US 30-year mortgage rate rises to five-month high of 7.24%
Money laundering accused Su Baolin’s Sentosa property goes unsold at auction
US Judge approves US$418 million settlement that will change real estate commissions
In San Francisco, a home renovation can become a battle royale
Country Garden extends bonds to avoid first local default
Daughter of Chinese steel-and-nickel tycoon picks up S$84 million Bin Tong Park bungalow