US home price growth edges higher in September, S&P says
By Alexander Bueso
Date: Tuesday 26 Nov 2019
(Sharecast News) - House prices in the US edged higher in September, according to the results of one of the most closely-followed gauges of home price inflation.
In non-seasonally adjusted terms, Standard&Poor's CoreLogic Case-Shiller US National Home Price Index advanced at a year-on-year pace of 3.1% in September, versus a 3.1% gain in the month before.
A separate measure for the 10 largest cities meanwhile was unchanged from the month before at up by 1.5%, while that for the 20 biggest cities increased by 2.1%, versus a 2.0% gain in August.
Prices for the 20 largest cities were up by 0.36% month-on-month.
Of the 20 cities covered by the latter index, half saw faster price increases in comparison to a year before.
The largest house price increases versus a year ago were seen in Phoenix, Charlotte and Tampa, with growth of 6.0%, 4.6% and 4.5%, respectively.
"At current levels, house prices are still rising at a very modest annual pace comparable to 2012, when the housing market was still recovering from the overhang of the crisis," said Blerina Uruci at Barclays Research.
"But the September report points to a stabilization, after it had been weakening steadily for much of 2018 and 2019, according to a range of surveys, including FHFA and CoreLogic."
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