Solid Job Market Helps U.S. Home Prices Climb In October
WASHINGTON (AP) -- Steady job growth, low mortgage rates and tight inventories helped fuel rising U.S. home prices in October.
The Standard & Poor's/Case-Shiller 20-city home price index rose 5.5 percent in the 12 months ending in October, up from a 5.4 percent pace in September.
Home values have climbed at a roughly 5 percent pace during much of 2015. Strong hiring has bolstered a real estate market still recovering from a housing bust that began about eight years ago. Home sales have increased this year as the 5 percent unemployment rate has strengthened confidence in the economy.
But the gains have been uneven. San Francisco, Denver and Portland, Oregon reported increases of 10.9 percent over the past year. Prices in Chicago and the District of Columbia rose less than 2 percent.