WASHINGTON - US home prices rose in most major cities in October compared with a year ago, pushed up by rising sales and a decline in the supply of available homes. Higher prices show the housing market is improving even as it moves into the fall and winter, when sales traditionally slow.
The Standard & Poor's/Case-Shiller national index measuring prices in 20 cities rose 4.3 percent in October, up from a 3 percent annual gain in September.
Prices rose in October from a year ago in 18 of 20 cities. Phoenix led all cities with a 21.7 percent gain, followed Detroit, where prices increased 10 percent. Prices declined in Chicago and New York.
Tampa, which is included in the 20 city survey, saw an October-to-October increase of 5.9%.
Prices fell in 12 of 20 cities in October compared with September. Monthly prices are not seasonally adjusted, so the decreases reflect the end of the peak buying season.