Home prices were absolutely flat in September, following a weak August, according to the Federal Housing Finance Agency.
This compares to the S&P/Case-Shiller 10-city index, which came out Tuesday and shows a 4.8% year-over-year gain in September.
The FHFA index showed a 0% gain, following rise of 0.4% in August.
September’s FHFA reading fell well short of market expectations for a 0.4% boost. The year-ago rate softened to 4.%3 from 4.7% in August.
Redfin chief economist Nela Richardson says appreciation has further to slow.
In bellwethers San Francisco and Silicon Valley, Redfin agents report that prices are already starting to top out.
According to Redfin’s latest Housing Market Tracker, home price appreciation across urban markets continued to slow to 3.8% in October. Combined with several other factors, slowing price appreciation pushed October home sales up 2.2% year over year, clearly outpacing 2013 sales for the first time all year.
Regionally, five Census regions reported gains in September while three declined and one was flat.
There are mixed signals on home prices for September with FHFA.
The next numbers on housing demand are Wednesday with new home sales and pending existing home sales.