Home prices increased 3.9% in September compared to the same month a year ago, down from a 4.3% increase the previous month, according to the S&P CoreLogic Case-Shiller Index. The 10-city composite rose 5.2% year over year compared to a 6% increase the previous month. The 20-city composite increased 4.6% year over year, down from a 5.2% increase the previous month. New York City reported the highest year-over-year gain among the 20 cities with a 7.5% increase in September, followed by Cleveland and Chicago with increases of 7.1% and 6.9%, respectively.
Meanwhile, the Federal Housing Finance Agency’s House Price Index showed that home prices rose 4.3% between the third quarters of 2023 and 2024. Home prices were up 0.7% compared to Q2 2023, and also up 0.7% in September compared to the previous month. The FHFA index is calculated using the prices of houses bought with mortgages backed by Fannie Mae and Freddie Mac.
