In September, home prices increased 7.0 percent YoY, up from 5.8 percent in the previous month, according to the most recent S&P CoreLogic/Case-Shiller Indices. Year-over-year, the 10-City Composite increased 6.2 percent, up from 4.9 percent in the previous month. The 20-City Composite increased 6.6 percent YoY, up from the previous month’s 5.3 percent gain.
The following cities experienced the highest YoY gains: Phoenix (11.4 percent), Seattle (10.1 percent) and San Diego (9.5 percent)
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.
What the Industry Is Saying:
“Housing prices were notably—I am tempted to say ‘very’—strong in September. A trend of accelerating increases in the National Composite Index began in August 2019 but was interrupted in May and June, as COVID-related restrictions produced modestly decelerating price gains. Our three monthly readings since June of this year have all shown accelerating growth in home prices, and September’s results are quite strong. The last time that the National Composite matched September’s 7.0 percent growth rate was more than six years ago, in May 2014. This month’s increase may reflect a catch-up of COVID-depressed demand from earlier this year; it might also presage future strength, as COVID encourages potential buyers to move from urban apartments to suburban homes. The next several months’ reports should help to shed light on this question.” — Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy, S&P Dow Jones Indices.
“The continuous acceleration of home prices is a result of red-hot demand and inventory constraints that are broadly impacting housing markets across the country. Prices have reached the highest level in years but, in order to keep them within reach for buyers, listing volume needs to increase—whether that is through building new homes or by more existing homes hitting the market.” — Bill Banfield, Executive Vice President of Capital Markets, Rocket Mortgage