Single family home prices remained static in the New York Metro area in October 2013, ending six consecutive months of price increases according to the Case-Shiller Home Price Index. Nationwide, home prices increased only 0.2% over the previous month. Year over year increases remained strong at 13.6% nationwide, but were only 4.9% in the New York metropolitan area. Along with Cleveland, which also saw a 4.9% increase, home prices in New York increased less than in any other market included in the Index.
A number of markets with strong growth in the past year, including San Francisco and Atlanta, saw prices decline slightly in October. In Los Angeles, Phoenix, San Diego and Las Vegas, prices continued to increase but did so at slower rates than in past months. The end of the summer home-buying season, recurring talk over imminent tapering by the Federal Reserve and the government shutdown in the first two weeks of October were all likely to play a role in the apparent cooling of the housing market.
It will be interesting to see whether this trend continues into November and December and how the Fed’s official announcement of tapering for 2014 will affect house sales.