Home prices posted their largest annual increase in more than seven years in October, rising by 13.6 percent, according to the S&P/Case-Shiller 20-City Composite index.
On a monthly basis, prices rose a seasonally adjusted 1 percent, the same gain recorded for September. Though the rate of price growth did not slip from the previous month on a seasonally adjusted basis, it did drop on an unadjusted basis.
Pointing to the slowdown in absolute numbers, David M. Blitzer, chairman of the index committee at S&P, said that “we are living on borrowed time and the boom is fading.”
Senior Director, Coldwell Banker New Homes Division
With over 200 condominium, townhome and loft projects successfully marketed
“Fewer properties for sale with such remarkably low interest rates make it a great time to sell but a more difficult time to buy”