Home prices across the country continued to rise in September, maintaining a health pace toward normalization, the latest S&P/Case-Shiller U.S. National Home Price Index, covering all nine U.S. census divisions, reported.
Home prices posted a slightly higher year-over-year gain with a 4.9% annual increase in September 2015 versus a 4.6% increase in August 2015.
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The 10-City Composite increased 5.0% in the year to September compared to 4.7% previously. The 20-City Composite’s year-over-year gain was 5.5% versus 5.1% in the year to September.
However, after adjusting for the CPI core rate of inflation, the index rose 3% from September 2014 to September 2015.
On a monthly basis, before seasonal adjustment, the national Index posted a gain of 0.2% from august. After seasonal adjustment, the National Index posted a gain of 0.8%, while the 10-City and 20-City Composites both increased 0.6% month-over-month.
“Home prices and housing continue to show strength with home prices rising at more than double the rate of inflation,” said David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices.
Zillow Chief Economist Svenja Gudell commented on the report saying “The Case-Shiller indices continued to grow at a consistent pace as the summer came to a close, and in line with more recent data that continues to show stabilization, if not quite normalization, in the U.S. housing market.”