Home prices had a 10.6% annual gain in September, a decline from the 12.9% gain recorded in August, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index.
The 10-City Composite annual increase was 9.7% (down from August’s 12.9%), and the 20-City Composite annual increase was 10.4% (down from 13.1%). Home prices declined in every city.
“For all three composites, year-over-year gains, while still well above their historical medians, peaked roughly six months ago and have decelerated since then,” stated Craig Lazzara, managing director at S&P DJI.
“Given the continuing prospects for a challenging macroeconomic environment, home prices may well continue to weaken,” Lazzara added.
Miami, Tampa and Charlotte reported the highest year-over-year home price gains among the 20 cities, growing 24.6%, 23.8% and 17.8%, respectively.