Home prices continue climb in third quarter, rising 11% from a year earlier — CNNMoney, Nov. 26
Home prices continued to climb in third quarter, rising 11% from a year earlier.
The S&P/Case-Shiller home price index registered its first double-digit year-over-year gain since early 2006 -- just before the height of the housing bubble -- despite a recent rise in mortgage rates.
However, the quarter-over-quarter gain slowed to 3%, compared with the second quarter, when prices jumped 7%.
"The data suggest a market beginning to shift to slower growth rather than one about to accelerate," said David Blitzer, chairman of the index committee at S&P Dow Jones Indices.
He cited weakening sales of existing homes along with home construction remaining far below the boom levels of six or seven years ago. On top of that, he said interest rates are expected to be higher a year from now.