Home prices continued to rise but recorded a slight deceleration in gains during September compared to the previous annual gains in 2024, according to the latest data from the S&P CoreLogic Case-Shiller Indices.
The US National Home Price NSA Index reported a 3.9% annual return for September, down from a 4.3% annual gain in the previous month. The 10-City Composite saw an annual increase of 5.2%, down from a 6.0% annual increase in the previous month, while the 20-City Composite posted a year-over-year increase of 4.6%, down from a 5.2% increase in the previous month.
The pre-seasonally adjusted US National Index recorded a 0.1% drip while the 10-City Composite and 20-City Composite saw -0.4% and -0.3% returns for this month, respectively. After the seasonal adjustment, the US National Index posted a month-over-month increase of 0.3%, while the 10-City and 20-City Composite reported monthly rises of 0.1% and 0.2%, respectively.
New York City again reported the highest annual gain among the 20 cities with a 7.5% increase in September, followed by Cleveland and Chicago with annual increases of 7.1% and 6.9%, respectively. Denver posted the smallest year-over-year growth with 0.2%
“Home price growth stalled in the third quarter, after a steady start to 2024,” said Brian D. Luke, head of commodities, real and digital assets. “The slight downtick could be attributed to technical factors as the seasonally adjusted figures boasted a 16th consecutive all-time high. We continue to see above-trend price growth in the Northeast and Midwest, growing 5.7% and 5.4%,
respectively, led by New York, Cleveland, and Chicago. The Big Apple has taken the top spot for five consecutive months, pushing the region ahead of all others since August 2023. The South region reported its slowest growth in over a year, rising 2.8%, barely above current inflation levels.”
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