US home prices gains accelerate in October for 2nd month

WASHINGTON — U.S. home prices rose faster in October than the previous month as many would-be buyers competed for a limited supply of available properties.

The S&P CoreLogic Case-Shiller 20-city home price index rose 2.2% in October from a year ago, up from a 2.1% annual gain in September.

The Tuesday report suggests home prices are rising again after the pace of gains hit a seven-year low in July. The Federal Reserve’s three cuts to short-term interest rates in 2019 have accelerated sales of new and existing homes. The sales pickup may now be pushing up prices more quickly.

Christopher Rugaber, The Associated Press