Area home prices up 7.1 percent in latest national comparison

Area home prices up 7.1 percent in latest national comparison

Home prices across the nation are increasing faster than they have since 2014, according to the S&P CoreLogic Case-Shiller Index.

The index reported a 6.2 percent annual gain in September, rising from 5.9 percent in the previous month.

The 10-city index gained 5.7% over the year, up from 5.2% in August.

However, there are other housing indicators that will have the market dealing with confronts. After seasonal adjustment, the National Index recorded a 0.7% month-over-month increase in September. According to the data, Seattle, "led the way with a 12.9 percent year-over-year price increase, followed by Las Vegas with a 9 percent increase, and San Diego with an 8.2 percent increase".

There's a reason that, in places like metro Atlanta, most price increases are in the lower ranges of the market where first-time buyers are likely to look, she said.

He acknowledged that the continuing increase in pricing is making it more hard for prospective buyers, calling it a "dark cloud" with some people being squeezed out of the market. Sales of newly built homes rose 6.2% in October, the second consecutive month of strong gains, driven by strong demand for starter homes.

"There's still a lot of Americans that are still reeling from the credit crisis", said Sam Dunlap, a senior portfolio manager with Angel Oak Capital Advisors, a mutual-fund firm specializing in mortgage-backed securities.

Seattle, Las Vegas, and San Diego reported the highest year-over-year gains among the 20 cities. "There are still areas that have a lot of room to run".

US home prices rose at the fastest pace in more than three years in September with Las Vegas and two other cities notching the highest annual gains.

After seasonal adjustment, the national index rose 0.7% month-over-month, the 10-city index saw a 0.6% increase and the 20-city index rose 0.5%.

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