The 10- and 20-city composites in the S&P/Case-Shiller Home Price Indices recorded respective annual returns of 3.4% and 4.3% in October, up from the 2.1% and 3% annual rates posted for September 2012. In 19 of the 20 cities, annual returns in October were higher than those in September.
Chicago and New York were the only two cities with negative annual returns in October. Phoenix home prices rose for the 13th month in a row, while San Diego was second best with nine consecutive monthly gains.
Separately, the Lender Processing Services Inc. (LPS) home price index also reported a 4.3% year-over-year increase; home prices were up 0.3% from the previous month, according to the index. The major markets for home price increases were the District of Columbia (1.4%), Maryland (1.2%) and Georgia (1.2%). Five states – Hawaii, Iowa, Illinois, Indiana and Oregon – tied for the weakest market, with each registering a 0.1% drop in home prices.