Accelerated Home Prices Reported in September

The S&P CoreLogic Case-Shiller U.S. National Home Price Index reports a rise in the home prices across the nation from a 3.1% gain in August to a 3.2% annual gain in September 2019.

With low mortgage rates and the largest generation aging into the prime home-buying years, the housing market is solid and should stay strong going forward into 2020. Mortgage rates on the 30-year fixed has remained around 3.6% to 4% since June 2019. The housing market is at a critical low in the supply of homes for sale bumping up house prices.

Although the 10-City Composite annual did not increase from 1.5%, the 20-City Composite rose to 2.1% annually in September 2019. Home prices rose the most in the Sun Belt.

The cities which saw the highest annual gains in the 20-City Composite were Phoenix, Arizona with a 6.0% increase, Charlotte, North Carolina with a 4.6% increase and Tampa, Florida with a 4.5% increase.

“After a long period of decelerating price increases, it’s notable that in September both the national and 20-city composite indices rose at a higher rate than in August, while the 10-city index’s September rise matched its August performance,” Craig J. Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices, wrote in a release. “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.”

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