US Home Prices: No signs of slowing- Wells Fargo

The S&P CoreLogic Case-Shiller National Home Price Index grew 0.4 percent to 195.5 in September, and is now up 6.2 percent over the year, noted analysts from Wells Fargo. They explained that markets that had previously been slow to recover have begun to come back and that gains are becoming more broad-based. 

Key Quotes: 

“The S&P CoreLogic Case-Shiller National Home Price Index rose 0.4 percent in September, slightly beating expectations. The national index is now up 6.2 percent year-to-year, marking the 16th consecutive month in which year-ago gains accelerated.” 

“Growth remains strongest in the West. No Midwestern city has reached its prior peak, and only Charlotte and Atlanta have recovered in the Southeast, and only Boston in the Northeast.”

“All 20 cities tracked showed annual gains. Low mortgage rates, falling unemployment and low for-sale inventory suggest price growth has room to run, but affordability raises a red flag.”