Market Update: Home Prices Continue to Increase in October

The Case-Shiller report showed a 0.10% rise in home prices in October from the previous month and a 3.3% increase from last October.

Bill Banfield, Quicken Loans Executive Vice President of Capital Markets, offers the following insight on the report:

“The silver lining to this month’s increase in home price is homebuyers will see continued appreciating value in their home after the transaction, even though the high price may not have been welcome initially. The moderately rising home prices of late 2019 suggest the economy is approaching a point where prices are beneficial for both buyers and sellers. However, the strain of low inventories at most price points suggests prices will continue to rise into the foreseeable future.”

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