US Home Prices Climb in October, Helped by Solid Job Market

WASHINGTON— Steady job growth, low mortgage rates and tight inventories helped fuel rising U.S. home prices in October.The Standard & Poor’s/Case-Shiller 20-city home price index rose 5.5 percent in the 12 months ending in October, up from a 5.4 perc...

A home is offered for sale in the Bucktown neighborhood on September 21, 2015 in Chicago, Illinois. Sales of previously owned homes fell more than expected nationwide in August following three months of gains. The slump has been attributed to lack of inventory and rising home prices. Scott Olson/Getty Images

WASHINGTON—Steady job growth, low mortgage rates, and tight inventories helped fuel the rising U.S. home prices in October.

The Standard & Poor’s/Case-Shiller 20-city home price index rose 5.5 percent in the 12 months ending in October, up from a 5.4 percent pace in September, according to a report released Tuesday, Dec. 29.

Borrowing costs are expected to rise, after the Federal Reserve this month raised a key short-term interest rate for the first time in nearly a decade.