US house prices rise in October

House prices in the US were up 5.2 % in October compared to the same month last year, according to the S&P/Case-Shiller National Home Price Index.

Prices were also up on the month, as September saw a 4.9% increase.

The 20-City Composite’s year-over-year gain was 5.5% versus 5.4% reported in September.

San Francisco, Denver and Portland continued to report the highest year-over-year gains among the 20 cities, with another month of double-digit price increases of 10.9% for all three, while 12 cities reported greater price increases in the year ending October 2015 versus the year ending September.

“Generally good economic conditions continue to support gains in home prices,” said David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices.

“Among the positive factors are consumers’ expectations of low inflation and further economic growth as well as recent increases in residential construction including single family housing starts.

“Inventories of existing homes have averaged around a five month supply for the past year, a level that suggests a fairly tight market with limited supplies. Sales of new single family homes, despite recent increases in construction, remain mixed to soft compared to the trend in existing home sales.”