{"id":78863,"date":"2024-11-19T05:00:54","date_gmt":"2024-11-19T13:00:54","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78863"},"modified":"2024-11-18T14:26:35","modified_gmt":"2024-11-18T22:26:35","slug":"home-price-index-october-2024","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/home-price-index-october-2024\/","title":{"rendered":"U.S. Home Prices Rose 0.5% in October, Marking a Year of Consistent Growth"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Home prices grew 0.5% month over month in October, rising at the same pace as September. It was the 12th consecutive month with price growth between 0.2% and 0.7%.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">On a year-over-year basis, home prices rose 5.9%, the smallest annual increase since December.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Eight of the 50 most populous U.S. metros recorded a drop in home prices month over month.<\/span><\/i><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">U.S. home prices grew 0.5% from a month earlier in October on a seasonally adjusted basis, matching September\u2019s increase.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On a year-over-year basis, home prices rose 5.9%, the lowest annual increase since December.\u00a0<\/span><\/p>\n<div id=\"viz1731952954467\" class=\"tableauPlaceholder\" style=\"position: relative;\"><noscript><a href='https:&#47;&#47;www.redfin.com&#47;'><img alt=' ' src='https:&#47;&#47;public.tableau.com&#47;static&#47;images&#47;Re&#47;RedfinHomePriceIndex&#47;RepeatSaleIndices&#47;1_rss.png' style='border: none' \/><\/a><\/noscript><object class=\"tableauViz\" style=\"display: none;\" width=\"300\" height=\"150\"><param name=\"host_url\" value=\"https%3A%2F%2Fpublic.tableau.com%2F\" \/><param name=\"embed_code_version\" value=\"3\" \/><param name=\"site_root\" value=\"\" \/><param name=\"name\" value=\"RedfinHomePriceIndex\/RepeatSaleIndices\" \/><param name=\"tabs\" value=\"yes\" \/><param name=\"toolbar\" value=\"yes\" \/><param name=\"static_image\" value=\"https:\/\/public.tableau.com\/static\/images\/Re\/RedfinHomePriceIndex\/RepeatSaleIndices\/1.png\" \/><param name=\"animate_transition\" value=\"yes\" \/><param name=\"display_static_image\" value=\"yes\" \/><param name=\"display_spinner\" value=\"yes\" \/><param name=\"display_overlay\" value=\"yes\" \/><param name=\"display_count\" value=\"yes\" \/><param name=\"language\" value=\"en-US\" \/><\/object><\/div>\n<p><script type='text\/javascript'>                    var divElement = document.getElementById('viz1731952954467');                    var vizElement = divElement.getElementsByTagName('object')[0];                    if ( divElement.offsetWidth > 800 ) { vizElement.style.width='1000px';vizElement.style.height='850px';} else if ( divElement.offsetWidth > 500 ) { vizElement.style.width='1000px';vizElement.style.height='850px';} else { vizElement.style.width='100%';vizElement.style.height='1450px';}                     var scriptElement = document.createElement('script');                    scriptElement.src = 'https:\/\/public.tableau.com\/javascripts\/api\/viz_v1.js';                    vizElement.parentNode.insertBefore(scriptElement, vizElement);                <\/script><\/p>\n<p><span style=\"font-weight: 400;\">This is according to the Redfin Home Price Index (RHPI), which uses the repeat-sales pricing <\/span><a href=\"https:\/\/www.investopedia.com\/terms\/r\/repeatsales-method.asp#:~:text=The%20repeat%2Dsales%20method%20assesses,in%20homes%20with%20varying%20characteristics.\"><span style=\"font-weight: 400;\">method<\/span><\/a><span style=\"font-weight: 400;\"> to calculate seasonally adjusted changes in prices of single-family homes. The RHPI measures sale prices of homes that sold during a given period, and how those prices have changed since the last time those same homes sold. It\u2019s similar to the S&amp;P CoreLogic Case-Shiller Home Price Indices but is published more than one month earlier. October data covers the three months ending October 31, 2024. Read the full RHPI methodology<\/span> <a href=\"https:\/\/www.redfin.com\/news\/redfin-home-price-index\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Home prices maintained steady growth over the past year, with month-over-month gains ranging between 0.2% and 0.7% each month since November 2023\u2014including seven months where growth was between 0.4% and 0.6%. That\u2019s consistent with the pace of growth between 2015-2020. The pandemic buying spree saw home prices spike up to nearly 2% month-over-month in June 2021, before falling all the way to -0.1% growth in August 2022.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Elevated mortgage rates have kept a lot of buyers on the <\/span><a href=\"https:\/\/www.redfin.com\/news\/home-sales-turnover-2024\/\"><span style=\"font-weight: 400;\">sidelines<\/span><\/a><span style=\"font-weight: 400;\"> in 2024, essentially putting a cap on how much prices could rise. But there is still a shortage of homes on the market, which means there is enough competition to keep prices ticking steadily higher.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cMany people\u2014especially <\/span><a href=\"https:\/\/www.redfin.com\/news\/homebuying-delay-election-survey-2024\/\"><span style=\"font-weight: 400;\">first-time buyers<\/span><\/a><span style=\"font-weight: 400;\">\u2014were waiting until after the election to make a decision about buying a home,\u201d said Redfin Senior Economist <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/sheharyarbokhari\/\"><span style=\"font-weight: 400;\">Sheharyar Bokhari<\/span><\/a><span style=\"font-weight: 400;\">. &#8220;Now the election is over, we have started to <\/span><a href=\"https:\/\/www.redfin.com\/news\/what-trump-reelection-could-mean-for-housing\/\"><span style=\"font-weight: 400;\">see signs<\/span><\/a><span style=\"font-weight: 400;\"> that homebuyer demand is coming back. That could lead to increased competition in coming months, possibly pushing prices higher unless we see a major spike in the number of homes being listed.\u201d\u00a0\u00a0<\/span><\/p>\n<h2><strong>Metro-Level Summary: Redfin Home Price Index, October 2024<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Eight of the 50 most populous U.S. metro areas recorded a seasonally adjusted drop in home prices in October, month over month.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The biggest decline in October was in San Antonio, TX (-2.9%), followed by Tampa, FL (-1%) and Miami (-0.6%). The highest month over month gains were recorded in San Francisco (2.3%), Detroit (1.5%) and Nassau County, NY (1.2%).<\/span><\/p>\n<div id=\"viz1731952972346\" class=\"tableauPlaceholder\" style=\"position: relative;\"><noscript><a href='https:&#47;&#47;www.redfin.com&#47;'><img alt=' ' src='https:&#47;&#47;public.tableau.com&#47;static&#47;images&#47;Re&#47;RedfinHomePriceIndex&#47;DownloadData&#47;1_rss.png' style='border: none' \/><\/a><\/noscript><object class=\"tableauViz\" style=\"display: none;\" width=\"300\" height=\"150\"><param name=\"host_url\" value=\"https%3A%2F%2Fpublic.tableau.com%2F\" \/><param name=\"embed_code_version\" value=\"3\" \/><param name=\"site_root\" value=\"\" \/><param name=\"name\" value=\"RedfinHomePriceIndex\/DownloadData\" \/><param name=\"tabs\" value=\"yes\" \/><param name=\"toolbar\" value=\"yes\" \/><param name=\"static_image\" value=\"https:\/\/public.tableau.com\/static\/images\/Re\/RedfinHomePriceIndex\/DownloadData\/1.png\" \/><param name=\"animate_transition\" value=\"yes\" \/><param name=\"display_static_image\" value=\"yes\" \/><param name=\"display_spinner\" value=\"yes\" \/><param name=\"display_overlay\" value=\"yes\" \/><param name=\"display_count\" value=\"yes\" \/><param name=\"language\" value=\"en-US\" \/><\/object><\/div>\n<p><script type='text\/javascript'>                    var divElement = document.getElementById('viz1731952972346');                    var vizElement = divElement.getElementsByTagName('object')[0];                    if ( divElement.offsetWidth > 800 ) { vizElement.style.width='1000px';vizElement.style.height='850px';} else if ( divElement.offsetWidth > 500 ) { vizElement.style.width='1000px';vizElement.style.height='850px';} else { vizElement.style.width='100%';vizElement.style.height='1450px';}                     var scriptElement = document.createElement('script');                    scriptElement.src = 'https:\/\/public.tableau.com\/javascripts\/api\/viz_v1.js';                    vizElement.parentNode.insertBefore(scriptElement, vizElement);                <\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Home prices grew 0.5% month over month in October, rising at the same pace as September. It was the 12th consecutive month with price growth between 0.2% and 0.7%. On a year-over-year basis, home prices rose 5.9%, the smallest annual increase since December. Eight of the 50 most populous U.S. metros recorded a drop in [&hellip;]<\/p>\n","protected":false},"author":13568,"featured_media":76256,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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