Home prices rose 3.2 percent year-over-year in September after rising 3.1 percent year-over-year in August, according to the latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index.
The increasing annual price gain reverses a trend of deceleration, said Craig Lazzara, the managing director and global head of index investment strategy at S&P Dow Jones Indices, in a statement.
“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 said. “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.”
Regionally, Phoenix, Charlotte and Tampa reported the highest year-over-year gains, with home prices rising 6 percent annually in Phoenix.
About the index
The S&P/Case-Shiller U.S. National Home Price Index is a composite of single-family home price indices that is calculated every month; the indices for the nine U.S. Census divisions are calculated using estimates of the aggregate value of single-family housing stock for the time period in question.
The nine divisions are:
- New England
- Middle Atlantic
- East North Central
- West North Central
- South Atlantic
- East South Central
- West South Central
CoreLogic serves as the calculation agent for the S&P/Case-Shiller U.S. National Home Price Index.