U.S. Home Prices Hit Record High in September

U.S. home prices hit a record high in September after rising for the eighth consecutive month, CNN reported.

Home prices posted a 3.9% annual gain in September, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index. The gain was up from a 2.5% year-over-year boost recorded in August.

The 10-City Composite recorded a 4.8% year-over-year increase (up from 3.0% in August), and the 20-City Composite had a 3.9% annual increase (up from 2.1% in August).

"U.S. home prices continued their rally in September 2023," stated Craig Lazzara, managing director at S&P DJI. "We've commented before on the breadth of the housing market's strength, which continued to be impressive. On a seasonally adjusted basis, all 20 cities showed price increases in September.”

Among the 20 cities, Detroit and San Diego reported the highest year-over-year home price gains, growing 6.7% and 6.5%, respectively. Home prices were at all-time highs in September in Atlanta; Boston; Charlotte, N.C.; Chicago; Cleveland; Detroit; Miami; New York and Tampa, Fla.

The full report can be found at this link.

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