US home prices rise 5.1 per cent in October
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WASHINGTON — U.S. home prices rose again in October as buyers bidding for scarce properties drove prices higher.
The Standard & Poor’s CoreLogic Case-Shiller 20-city home price index rose 5.1 per cent in October from a year earlier after rising 5 per cent in September. Prices for the 20 cities are still 7.1 per cent below their July 2006 peak.
Prices rose 10.7 per cent annually in Seattle, 10.3 per cent in Portland and 8.3 per cent in Denver. New York registered the smallest year-over-year gain: 1.7 per cent.
Home sales and prices have been helped by healthy demand, tight supplies and low mortgage rates. But the cheap loans may be vanishing. The rate on the benchmark 30-year, fixed-rate mortgage last week reached 4.30 per cent, the highest since April 2014.
