Home prices were up 0.84 percent month-over-month in October. The mark, which came from the S&P/Case-Shiller home-price index, exceeded the 0.6 percent pace that economists expected, according to Business Insider.
The prices were the highest since winter 2007, before the recession and global financial crisis. All 20 cities in the index saw prices increase month-over-month.
"Generally good economic conditions continue to support gains in home prices," S&P's David Blitzer said. "Among the positive factors are consumers' expectations of low inflation and further economic growth as well as recent increases in residential construction including single family housing starts. Inventories of existing homes have averaged around a five month supply for the past year, a level that suggests a fairly tight market with limited supplies. Sales of new single family homes, despite recent increases in construction, remain mixed to soft compared to the trend in existing home sales."