The S&P Dow Jones Indices released the S&P/Case Shiller Home Price Indices December 29 for October 2015, showing that home prices throughout the nation increased on a year-over-year basis by 5.2 percent. The monthly price increase was reported at 4.9 percent.
The S&P/Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, found San Francisco, Denver and Portland to have had the largest annual gains among the 20-City Composite, all at a gain of 10.9 percent.
Overall, the 20-City Composite year-over-year gain was 5.5 percent, and the 10-City Composite increased 5.1 percent annually.
“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,” says David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices.
“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. Sales of new single family homes, despite recent increases in construction, remain mixed to soft compared to the trend in existing home sales.”
Before seasonal adjustment, the National Index was reported at a 0.1 percent uptick in October over September. In October 2015, 12 cities reported a greater price increase annually over the year ending September 2015.
In Chicago, the October 2015 S&P/Case-Shiller Home Price Index was 184.64, which is a 0.7 percent decrease monthly in October. Annually in October the Index increased by 1.3 percent.