By Denny Jacob

Home prices gained from a year earlier in October as high mortgage rates led to appreciation broadly across the country.

The S&P CoreLogic Case-Shiller National Home Price Index, which measures home prices across the nation, posted a 4.8% increase year-over-year in October.

On a month-over-month basis, the index rose a seasonally adjusted 0.6% in October.

The Case-Shiller index, which measures repeat-sales data, reports on a two-month delay and reflects a three-month moving average. Homes usually go under contract a month or two before they close, so the October data is based on purchase decisions made earlier this year.

Economists surveyed by The Wall Street Journal expected the 20-city index to increase 5%.

Detroit had the fastest annual home-price growth in the country, at 8.1%, followed by San Diego, at 7.2%. The weakest market was Portland, where prices fell 0.6% on an annual basis.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

December 26, 2023 10:58 ET (15:58 GMT)