Home prices rise for eighth straight month in September
NAHB CEO Jim Tobin discusses the state of the housing market, American homeownership, and using family money for home down payment.
Home prices rose for the eighth consecutive month in September as the housing affordability crisis continued to deepen.
Prices increased 0.3% nationally in the period from August to September on a non-seasonally adjusted basis, the S&P CoreLogic Case-Shiller index showed Tuesday.
On an annual basis, prices are up 3.9% from the same time last year.
«U.S. home prices continued their rally in September 2023,» said Craig Lazzara, managing director at S&P DJI. «Our National Composite rose by 0.3% in September, marking eight consecutive monthly gains since prices bottomed in January 2023.
HOME PRICES COULD SURGE OVER THE NEXT YEAR AS AFFORDABILITY CRISIS WORSENS
A sign outside a home for sale in Atlanta, Georgia, on Sept. 6, 2023. (Photographer: Elijah Nouvelage/Bloomberg via Getty Images / Getty Images)
The 10-city composite, which encompasses Los Angeles, Miami and New York, rose 4.8% annually, compared with a 2.5% increase in September. The 20-city composite, which also tracks housing prices in Dallas and Seattle, jumped 3.9% in September, which is also higher than the 2.1% uptick recorded the previous month.
There was a major discrepancy in the price gains in the 20 cities: Detroit saw a 6.7% annual gain, while San Diego posted a 6.5% price gain. New York followed with an increase of 6.3%.
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On the other end of the spectrum, cities in the West posted some of the biggest declines. Las Vegas home prices fell 1.9%, edging out Phoenix with its 1.2% decline.
The Case-Shiller index reports with a two-month delay, meaning it may
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