S&P
Dow Jones Indices (S&P DJI) reported on Tuesday its Case-Shiller Home Price
Index, which tracks home prices in 20 U.S. metropolitan areas, rose 19.1
percent y-o-y in September, following a downwardly revised 19.6 percent y-o-y jump
(from 19.7 percent y-o-y) in August. This marked the smallest annual gain in
house prices since May.
Economists
had expected a climb of 19.3 percent y-o-y.
Phoenix
(+33.1 percent y-o-y), Tampa (+27.7 percent y-o-y), and Miami (+25.2 percent
y-o-y) posted the biggest y-o-y increases among the 20 cities in September.
Overall, 6 of the 20 cities reported greater price advances in the year ending September
2021 compared to the year ending August 2021.
Meanwhile,
the S&P/Case-Shiller U.S. National Home Price Index, which measures all
nine U.S. census divisions, surged 19.5 percent y-o-y in September, decelerating
from 19.8 percent y-o-y in the previous month.
“If
I had to choose only one word to describe September 2021’s housing price data,
the word would be ‘deceleration’,” noted Craig J. Lazzara, Managing Director at
S&P DJI. “Housing prices continued to show remarkable strength in
September, though the pace of price increases declined slightly.”