U.S. Home Prices Rise Again in September

Before you go, we thought you'd like these...
Before you go close icon

The S&P/Case-Shiller home price index for September was higher for the sixth consecutive month. The 20-city composite rose 0.3% in September, lower than the consensus expectation for a rise of 0.4% and below the August increase of 0.8%. On an annual basis, September prices were up 2.1% and 3% on the 10- and 20-city composites, respectively. The national composite for the third quarter was 3.6% higher year-over-year and 2.2% higher sequentially.

Compared with August house prices, the 20-city composite posted annual returns of 3%, while the 10-city composite rose 2.1%. Only two cities in the 20-city composite posted an annual decline - Detroit and Washington D.C. - and New York was flat.

The chairman of the S&P index committee said:

We are entering the seasonally weak part of the year. The headline figures, which are not seasonally adjusted, showed five cities with lower prices in September versus only one in August; in the seasonally adjusted data the pattern was reversed: one city fell in September versus two in August. Despite the seasons, housing continues to improve.

Phoenix continues to lead the recovery in house prices, up 20.4% year-over-year, while Chicago and New York have posted annual declines of 1.5% and 2.3%, respectively.

S&P notes that "it is safe to say that we are now in the midst of a recovery in the housing market." But as the charts show, the recovery is moving at a snail's pace.

The full press release is available here.

Paul Ausick

Filed under: 24/7 Wall St. Wire, Economy, Housing, Research Tagged: featured
Read Full Story


S&P 500 2,274.64 4.20 0.18%
DJIA 19,885.73 -5.27 -0.03%
NASDAQ 5,574.12 26.63 0.48%
DAX 11,554.71 -74.47 -0.64%
HANG SENG 22,805.99 87.84 0.39%
NIKKEI 225 18,852.33 -242.91 -1.27%
USD (per EUR) 1.07 0.01 0.55%
USD (per CHF) 1.01 0.00 -0.42%
JPY (per USD) 113.44 -0.71 -0.62%
GBP (per USD) 1.21 0.01 0.70%

From Our Partners