Steel Markets

Home Prices Increase in September After Months of Deceleration

Written by Sandy Williams

Data from S&P Dow Jones Indices show that home prices in the U.S. increased modestly in September. The S&P CoreLogic Case-Shiller U.S. National Home Price NSA posted an annual gain of 3.2 percent, up from 3.1 percent in August. The 20-City Composite rose 2.1 percent year-over-year, a 0.1 percent gain from the previous month.

“September’s report for the U.S. housing market is reassuring,” said Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P Dow Jones Indices. “The national composite index rose 3.2 percent relative to year-ago levels, with smaller increases in our 10- and 20-city composites. Of the 20 cities in the composite, only one (San Francisco) saw a year-over-year price decline in September.

“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. 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.”

All of the 20 cities in the index showed annual gains except for San Francisco, which fell 0.7 percent. Gains were highest in Phoenix (6.0 percent), Charlotte (4.6 percent)  and Tampa (4.5 percent).

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