Phoenix home prices continue to surge

By Paul Ausick | 24/7 Wall Street

U.S. home prices are rising at a quickening pace, according to the S&P CoreLogic Case-Shiller national home price index (not seasonally adjusted) for October released Tuesday. The year-over-year increase of 3.3% was 0.1 percentage points above the September increase.

Home prices jumped by 5.8% year over year in Phoenix, the largest increase among the cities in the index’s 20-city composite group. Prices rose 4.9% in Tampa and 4.8% in Charlotte. San Francisco was the only one of the 20 cities to post a year-over-year price decline. Prices are down 0.4% year over year in the city.

On a non-seasonally adjusted (NSA) basis, the national index rose by 0.1%, and the 10-city and 20-city indexes rose by the same amount month over month. Seasonally adjusted, the 20-city index rose by 0.4% and the 10-city index rose by 0.4%. Year over year, the 20-city change was 2.2%. The consensus economists’ estimate called for the 20-city average home price to rise by 2.2% year over year unadjusted and to rise by 0.4% month over month adjusted.

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