News Summary: US home prices rise in October

News Summary: US home prices rise in October from year ago; housing recovery sustains momentum

Associated Press

PRICE GAINS: US home prices rose in October compared with a year ago in 18 of 20 cities tracked by the Standard & Poor's/Case Shiller index. National prices, as measured by the index, also increased 4.3 percent in the 12-month period.

STEADY RECOVERY: Prices are up because of rising sales and a smaller supply of homes on the market. Higher prices show the housing market is improving even as it moves into the more dormant fall and winter sales period.

HOUSING HELPS ECONOMY: October marked the fifth straight month of year-over-year gains, after nearly two years of declines. The improvement in housing is adding to economic growth and most analysts expect that to continue in 2013.

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