Home prices continue to increase at a modest rate across the U.S., according to the latest S&P CoreLogic/Case-Shiller Indices, released Tuesday
The Index reported a 3.2% annual gain in September, up from 3.1% in the previous month. The 10-City Composite annual increase came in at 1.5%, no change from the previous month. The 20-City Composite posted a 2.1% year-over-year gain, up from 2.0% in the previous month.
Phoenix, Charlotte and Tampa reported the highest year-over-year gains among the 20 cities. In September, Phoenix led the way with a 6.0% year-over-year price increase, followed by Charlotte with a 4.6% increase and Tampa with a 4.5% increase. Ten of the 20 cities reported greater price increases in the year ending September 2019 versus the year ending August 2019.
“While stubbornly low mortgage rates have put the kabash on the great housing market cooldown, the boom and bust patterns of home price growth in West appear to be now solidly on the bust side,” said Dr. Ralph B. McLaughlin, deputy chief economist and executive of research and insights for CoreLogic. “Both San Francisco and Las Vegas—once emblems of the housing market gold rush—have turned into ghost towns, relatively speaking, over the past year. While not great news from new homeowners, first-time buyers looking to get their foot in the door of homeownership might have something new to be thankful for this holiday season.”
“September’s report for the U.S. housing market is reassuring,” says Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P Dow Jones Indices. “The national composite index rose 3.2% relative to year-ago levels, with smaller increases in our 10- and 20-city composites. Of the 20 cities in the composite, only one (San Francisco) saw a year-over-year price decline in September.
“After a long period of decelerating price increases, it’s notable that in September both the national and 20-city composite indices rose at a higher rate than in August, while the 10-city index’s September rise matched its August performance,” Lazzara continued. “It is, of course, too soon to say whether this month marks an end to the deceleration or is merely a pause in the longer-term trend.”
The complete data for the 20 markets measured by S&P:
Las Vegas, Nev.
Los Angeles, Calif.
New York, N.Y.
San Diego, Calif.
San Francisco, Calif.
For more information about S&P Dow Jones Indices, please visit https://www.spdji.com.