US home prices up in October from year earlier

US home prices rose 4.3 percent in October as compared with last year, though slipped slightly from the previous month, according to S&P/Case-Shiller statistics released Wednesday.

The 20-city price index declined 0.1 percent from September, according to data not adjusted for seasonal variations, but the group emphasized the strong year-on-year figures.

"It is clear that the housing recovery is gathering strength," said David Blitzer, head of the index committee.

"Higher year-over-year price gains plus strong performances in the southwest and California, regions that suffered during the housing bust, confirm that housing is now contributing to the economy."

While Phoenix home prices rose for the 13th month in a row, San Diego posted nine consecutive monthly gains. Only Chicago and New York saw negative annual returns in October.