US home prices continue to flatten in October

US home prices continued to flatten out in October, with the year-on-year rise slowing to 4.7 percent according to the S&P/Case-Shiller index released Tuesday.
The pace of annual gains in the Case-Shiller 20-city index decelerated from 4.9 percent in September and 13 percent at the beginning of 2014, evidence of a normalization of the market after the recovery from the 2008-2009 recession.
Housing markets in San Francisco, Miami and Denver continued to show strength while weakening was evident in Washington, New York, Boston and Cleveland.
David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said that gains in eight cities suggested there was still strength overall in the market.
"After a long period when home prices rose, but at a slower pace with each passing month, we are seeing hints that prices could end 2014 on a strong note and accelerate into 2015," he said in a statement.