Home prices were 19.1 percent higher in October than the same time last year — a near-historic rate, but slightly lower than recent months, according to new S&P CoreLogic Case-Shiller index.

Home prices soared once again in October, but offered more signs that the rate of growth may have peaked for now.

Homes sold in October went for 19.1 percent more than they did in the same month last year, a mark that was slightly slower than those of the most recent few months, according to the latest S&P CoreLogic Case-Shiller index.

“That said, October’s 19.1 percent gain in the National Composite is the fourth-highest reading in the 34 years covered by our data,” Craig J. Lazzara, managing director at S&P Dow Jones Indices, said in a statement. “(The top three were the three months immediately preceding October.)”

Courtesy: S&P Dow Jones Indices

While the rate of price growth may be starting to slow, momentum continued to push the market forward. Prices rose by 1 percent from September to October on a seasonally adjusted basis.

In Phoenix, home prices were 32 percent higher in October than they were at the same point last year, the highest growth of the 20 large cities that the index tracks individually.

The Florida metros of Tampa and Miami each saw similar growth, with at least 25 percent year-over-year home price increases in October.

Las Vegas, Dallas and Miami followed closely behind.

In general, the South and Southeast saw the strongest annual price growth of the nine census divisions, the Case-Shiller report shows. All regions saw price growth in the double digits.

The ongoing surge in demand for homes has been attributed to numerous possible causes, from the rise in remote work to the entry of groups that had been sitting out of the home market prior to the pandemic.

The S&P Dow Jones Indices had previously pointed to changes in where people wanted to live during the pandemic to explain the rise in housing demand, but it remains unknown how safe this growth will be, Lazzara said.

“More data will be required to understand whether this demand surge represents an acceleration of purchases that would have occurred over the next several years, or reflects a more permanent secular change,” Lazzara said.

Email Daniel Houston

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×