U.S. single-family home price appreciation slowed less than forecast in October, as there were hints of some re-acceleration in home prices in some cities by year-end, according to a closely watched survey released on Tuesday.
The S&P/Case Shiller composite index of 20 metropolitan areas gained 4.5 percent in October from the prior year, compared with a revised 4.8 percent increase in September. A Reuters poll of economists forecast a 4.4 percent increase.
On a seasonally adjusted monthly basis, prices in the 20 cities rose 0.8 percent for the month. A Reuters poll of economists had forecast an increase of 0.4 percent.
However, non-seasonally adjusted prices fell 0.1 percent in the 20 cities on a monthly basis, Analysts had expected them to be unchanged.
“After a long period when home prices rose, but at a slower pace with each passing month, we are seeing hints that prices could end 2014 on a strong note and accelerate into 2015,” David Blitzer, chairman of the index committee at S&P Dow Jones Indices, said in a statement.
A broader measure of national housing market activity rose at a 4.6 percent clip on a year-over-year basis, compared with a 4.8 percent rate in September.
The seasonally adjusted 10-city gauge rose 0.7 percent in October versus a revised 0.2 percent gain in September, while the non-adjusted 10-city index dipped 0.1 percent for a second straight month in October.