However, the S&P Case-Shiller Index reveals a moderation in US housing price growth
The S&P CoreLogic Case-Shiller US National Home Price NSA Index posted a 3.9% year-over-year increase in the average home price in September 2024, based on data released by S&P Dow Jones Indices (S&P DJI).
This represented a slowdown from the 4.3% year-over-year gain reported the previous month.
The 10-City Composite year-over-year rise was 5.2%, down from 6.0% the previous month. Similarly, the 20-City Composite grew at a 4.6% annual pace; this was down from an increase of 5.2% in August.
New York led all cities with the highest annual growth, reporting a 7.5% increase in September. Cleveland followed with a 7.1% rise, while Chicago saw a 6.9% gain. Denver recorded the smallest annual growth among the tracked cities, with an increase of just 0.2%.
Meanwhile, regional data indicated that the Northeast and Midwest led the growth charge, with annual price increases of 5.7% and 5.4%, respectively. New York remained the growth driver in the Northeast, while Cleveland and Chicago helped the Midwest shine.
In contrast, the South posted its slowest price growth in more than a year, with a 2.8% rise, barely above current inflation levels.
Month-over-month changes showed additional evidence of cooling in the housing market. The non-seasonally adjusted US National Index declined 0.1% from August to September.
Notably, the 10-City and 20-City Composites also declined, falling 0.4% and 0.3%, respectively. Adjusting seasonally, however, the US National Index rose 0.3%, the 20-City Composite rose 0.2%, and the 10-City Composite edged up 0.1%.
The data reflects moderation in US home price growth, with high-performing cities continuing to outpace the broader market.
Other regions, such as the Northeast and Midwest, are showing stability, while others, such as the South, reflect weaker growth.
