The S&P CoreLogic Case-Shiller US National Home Price NSA Index has reached its second consecutive all-time high, S&P Dow Jones Indices said Tuesday. The index of 185.06 for the month of October surpasses the previous peak of 184.8 set the month before.
The National Index, the 10-City Composite Index and the 20-City Composite Index all posted higher annual increases in October than they did in September. The year-over-year gains were 5.6%, 4.3% and 5.1%, respectively, up from the previous month’s annual increases of 5.4%, 4.2% and 5.0%, respectively.
Although the National Index is at an all-time high, the composite indices both continue falling short of their previous peak. Measured from their June/July 2006 peaks, the peak-to-current decline for the 20-City Composite and 10-City composite is 7.1% and 9.2%, respectively, according to S&P Dow Jones Indices.
“Home prices and the economy are both enjoying robust numbers,” says David M. Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices. “However, mortgage interest rates rose in November and are expected to rise further as home prices continue to outpace gains in wages and personal income.”