U.S. home prices continued to fall in September, decreasing 0.8% on an adjusted basis compared with August, according to the S&P CoreLogic Case-Shiller home price index.
Year-over-year, home prices were up 10.6%.
The index’s 10-city and 20-city composites, measuring home price growth in the 20 largest U.S. metros, both posted decreases of 1.2% compared with the previous month.
Miami, Tampa, and Charlotte reported the highest year-over-year gains among the 20 cities in September.
Miami led the way with a 24.6% year-over-year price increase, followed by Tampa at 23.8% and Charlotte at 17.8%.
All 20 cities reported lower price increases in the year ended September 2022 versus the year ended August 2022.
“As has been the case for the past several months, our September 2022 report reflects short-term declines and medium-term deceleration in housing prices across the U.S.,” says Craig J. Lazzara, managing director at S&P DJI, in a statement.
“Prices declined in every city in September, with a median change of -1.2 percent,” Lazzara says. “Year-over-year price gains in all 20 cities were lower in September than they had been in August.”
“As the Federal Reserve continues to move interest rates higher, mortgage financing continues to be more expensive and housing becomes less affordable,” he says. “Given the continuing prospects for a challenging macroeconomic environment, home prices may well continue to weaken.”
Photo: Kostiantyn Li
