Home price growth in major U.S. metropolitan areas accelerated by more than expected in the month of September, according to a report released by Standard & Poor’s on Tuesday.
The report said the S&P/Case-Shiller 20-City Composite Home Price Index climbed 6.2 percent year-over-year in September compared to the 5.8 percent growth seen in August. Economists had expected the pace of growth to accelerate to 6.1 percent.
Standard & Poor’s said Seattle, Las Vegas, and San Diego reported the highest year-over-year gains among the 20 cities.
“Most economic indicators suggest that home prices can see further gains,” said David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices.
He added, “One dark cloud for housing is affordability – rising prices mean that some people will be squeezed out of the market.”
The 20-city home price index saw a monthly increase of 0.4 percent in September after rising by 0.5 percent in August.
On a seasonally adjusted basis, the index climbed by 0.7 percent in September, matching the increase seen in the previous month.
The material has been provided by InstaForex Company – www.instaforex.com
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