Weekly Real Estate NewsU.S. home prices increased 1.2% in September from a year earlier, the weakest annual September reading since 2011, according to a new report from First American Data & Analytics. The national index was unchanged from August on a non-seasonally adjusted basis.
The September Home Price Index released October 26 shows that price appreciation has slowed considerably, but the national market has not shifted into an annual decline. First American said prices remained higher than a year earlier across starter, mid-tier and luxury homes.
Slowing Appreciation, Not a National Price Drop
The 1.2% annual increase follows a prolonged period of below-average appreciation. First American’s chief economist Mark Fleming said elevated mortgage rates may continue to limit affordability and reinforce the lock-in effect, which discourages existing owners from selling and constrains housing supply.
The company’s measure is not seasonally adjusted. Its flat August-to-September result should not be confused with the annual change, and differences between this index and other house-price measures may reflect methodology, sample and timing.
The report adds another data point to the uneven housing picture, in which some metropolitan areas are recording falling prices even as the national index remains positive. WRE News previously reported on First American’s August index.
Source: First American Data & Analytics, October 26, 2026.
