United States: Home price growth inches up in September
On a month-on-month basis, the S&P/Case-Shiller 20-city composite home price index rose 0.1% in September, after a flat reading in August. When adjusted for seasonal factors, home prices increased 0.4%, swinging from a 0.2% decrease in August and overshooting market expectations of a 0.3% gain.
In annual terms, home price growth clocked in at 2.1% in September, up from August’s joint near seven-year low of 2.0%, which was above analysts’ expectations of a stable print. Gains were strongest in Phoenix, Charlotte, and Tampa, respectively for the second month running. Meanwhile, San Francisco prices dipped. Overall, half of the 20 cities in the index registered higher annual price growth in September than in August.
Commenting on the reading, Craig J. Lazzara, managing director and global head of index governance at S&P Dow Jones Indices, noted:
“September’s report for the U.S. housing market is reassuring. […] It is, of course, too soon to say whether this month marks an end to the deceleration or is merely a pause in the longer-term trend.”