Although home prices continued their downward trajectory in October, eight cities did see prices increase faster, according to the October S&P/Case-Shiller Home Price Indices.
The S&P/Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, posted a slight decline, with a 4.6% annual gain in October 2014 versus 4.8% in September.
On a yearly basis, both the 10-city and 20-city composites saw year-over-year declines in October compared to September.
The 10-City Composite gained 4.4% year-over-year, down from 4.7% in September, while the 20-City Composite gained 4.5% year-over-year, compared to 4.8% in September.
Miami and San Francisco saw prices grow 9.5% and 9.1% over the last year. Eight cities saw prices rise faster in the year to October than a month earlier, which includes Dallas, Denver, Las Vegas, Los Angeles, Miami, Phoenix, San francisco and Tampa.
Las Vegas led the declining annual returns with a decrease of -1.2%.
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Source: S&P Dow Jones Indices and CoreLogic
“After a long period when home prices rose, but at a slower pace with each passing month, we are seeing hints that prices could end 2014 on a strong note and accelerate into 2015,” says David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices.
“Two months ago, all 20 cities were experiencing weakening annual price increases. Last month, 18 experienced weakness. This time, 12 cities had weaker annual price growth, but eight saw the pace of price gains pick up. Seasonally adjusted, all 20 cities had higher prices than a month ago,” Blitzer continued.
Month-over-month, the national and composite indices were both slightly negative in October.
The 10- and 20-city composites both reported a slight downturn of -0.1%, compared to the national index, which posted a -0.2% change for the month.
San Francisco and Tampa led all cities in October with increases of 0.8%.
However, this was offset by Chicago and Cleveland, which posted decreases of -1.0% and -0.7% respectively.
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Source: S&P Dow Jones Indices and CoreLogic
Ten cities recorded lower monthly figures while eight posted increases. Detroit and San Diego both reported flat monthly changes. San Francisco had the largest increase of all 20 cities at 0.8% month-over-month.
“Home prices in October continued to cool as the leaves changed, nearly flat on a monthly basis. Yearly increases are still slowing at a manageable 4.6% growth, much healthier and more sustainable than the double-digit increases we had seen in years past,” said Quicken Loans Vice President Bill Banfield.
