S&P CoreLogic Case-Shiller Index Finds 3.9% Annual Gain in September

(Illustration S&P Global)

A popular measure of U.S. home prices recorded a 3.9% annual gain in September, a slight deceleration from the previous rate.

The S&P CoreLogic Case-Shiller Home Price Index reported a 3.9% annual return for September, down from a 4.3% annual gain in the previous month.

New York again reported the highest annual gain among the 20 cities studied with a 7.5% increase in September, followed by Cleveland and Chicago with annual increases of 7.1% and 6.9%, respectively. Denver posted the smallest year-over-year growth with 0.2%.

On a monthly basis, after seasonal adjustment, the U.S. National Index posted a 0.3% month-over-month increase.

“Home price growth stalled in the third quarter, after a steady start to 2024,” said Brian Luke, S&P Global head of commodities, real and digital assets. “The slight downtick could be attributed to technical factors as the seasonally adjusted figures boasted a 16th consecutive all-time high.

Luke noted continuing above-trend price growth in the Northeast and Midwest, growing 5.7% and 5.4%, respectively, led by New York, Cleveland and Chicago. “The Big Apple has taken the top spot for five consecutive months, pushing the region ahead of all others since August 2023,” he said. “The South region reported its slowest growth in over a year, rising 2.8%, barely above current inflation levels.”