National home prices rose faster at a seasonally adjusted annual growth rate in October than in September. In October, Las Vegas reported the highest gain while two metro areas, San Francisco and Seattle, experienced home price declines.
The Case-Shiller U.S. National Home Price Index, reported by S&P Dow Jones Indices, rose at a seasonally adjusted annual growth rate of 6.1% in October, faster than the 4.6% increase in September. On a year-over-year basis, the Case-Shiller U.S. National Home Price NSA Index rose by 5.5% in October, unchanged from the previous month. The Home Price Index, released by the Federal Housing Finance Agency (FHFA), rose at a seasonally adjusted annual rate of 4.0% in October, faster than the 2.9% in September. Rising mortgage rates and the increase in home prices cause affordability concerns for home buyers, especially first-time home buyers.
In addition to tracking home price changes nationwide, S&P also reported home price indexes across 20 metro areas. In October, the annual growth rates of the 20 metro areas ranged from -7.3% to 10.1%. Among the 20 metro areas, Las Vegas, Phoenix and Atlanta had the highest home price appreciation. Las Vegas led the way with a 10.1% increase, followed by Phoenix with a 9.3% increase and Atlanta with an 8.6% increase. Las Vegas had the highest home price appreciation for the fifth consecutive month. Eight of the 20 metro areas exceeded the national average of 6.1% in October, while two metro areas experienced price declines. Home prices declined by 7.3% in San Francisco and 3.7% in Seattle in October.