From the Real Deal
The pace of rising home prices quickened in September and existing home sales ticked up 1.9 percent.
Average home prices in cities across the nation rose 3.2 percent compared with the same period in the previous year, the Wall Street Journal reported. The year-over-year rise in August had been 3.1 percent.
The gains mark a two-month departure from a long period of slowinggrowth in home prices.
The gains were more moderate — just 2.1 percent — in the large urban areas tracked by the composite S&P CoreLogic Case-Shiller U.S. National Home Price Index.
A separate report released last week by the Federal Housing Finance Agency echoed those findings, while the National Association of Realtors said existing home sales increased by 1.9 percent in October.
Homeowners are choosing to stay in their homes longer, in part because of a dearth of affordable options and tax abatements for older homeowners, according to a Redfin study, the Washington Post reported. Owners in homes where walkable amenities are available are also less likely to move, and houses with higher walkability scores sell faster, the study found.