Case-Shiller HPI Registers October Dip/LPS HPI Shows Slight Gain
The uptrend in house prices stalled in October due to seasonal weakness but prices are up 4.3% from a year ago, according to the latest S&P Case-Shiller house price index released Wednesday morning.
The October Case-Shiller 20-city HPI shows prices edged down 0.1% in October from the month prior.
While home buying usually shows this time of year, some analysts expect home prices during the winter months will remain above year-ago levels.
“Looking over this report, and considering other data on housing starts and sales, it is clear that the housing recovery is gathering strength,” said David Blitzer, chairman of Standard & Poor’s index committee.
Separately, Lender Processing Services reported Wednesday morning that home prices rose 0.3% in October and 4.3% from a year ago. Year-to-date, the LPS proprietary HPI index is up 4.3%.
The Jacksonville, Fla.-based company uses its property and loan-level databases to produce a repeat sales analysis every month for each of more than 15,500 ZIP codes.
The LPS HPI represents the price of nondistressed sales by taking into account price discounts for REO and short sales.