Home prices jump 13.6%

By Chris Isidore  @CNNMoney December 31, 2013: 9:41 AM ET

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Home prices climbed nearly 14% in the 12 months ending in October.

NEW YORK (CNNMoney)

Home prices posted another big annual gain in October, although there are signs that 2013’s rapid rise in prices is close to topping out.

The closely-followed S&P/Case-Shiller home price index was up 13.6% compared to a year ago, the largest 12-month gain since early 2006, which was the height of the housing bubble. Prices have been improving at a faster annual rate every month for nearly two years. But with the prospect of rising mortgage rates, October prices were little changed from September.

“Housing data suggest that we may be close to the peak gains in prices,” said David M. Blitzer, chairman of the index committee at S&P Dow Jones Indices. He said prices are expected to rise further in 2014, but the annual gain is expected to be in the single digits rather than the rapid rise recorded for much of this year.

 

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