After home prices faltered for most of the year, home prices began to gain throughout September.
On a national level, prices rose by 3.2% annually in September, up from a 3.1% gain in August, according to CNBC, citing the S&P CoreLogic Case-Shiller U.S. National Home Price Index.
According to the data, the 10-City Composite annual increase was 1.5%, unchanged from the previous month. However, the 20-City Composite rose by 2.1% annually, up from 2.0% in August.
Of the 20 cities covered, Phoenix, Charlotte, North Carolina, and Tampa, Florida, saw the highest annual gains, with 6.0%, 4.6%, and 4.5% annual gains, respectively.
Home prices are rising typically in the Sun Belt region, spanning across state from South California to Florida, where housing is generally more affordable than in the East or West. San Francisco was the only city in the composites to show an annual decline in home prices, decreasing by 0.7%.
“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, according to CNBC. “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.”
Additionally, other measures of home prices have also shown to reaccelerate in prices, while other factors in the housing market point to price strength moving forward.
Mortgage rates have been low since spring. The average rate on 30-year fixed has hovered between 3.6% to 4% since June. The rate has given homebuyers more purchasing ability/
Moreover, the housing market is also being negatively impacted by the low supply of homes for sale. CNBC notes that the shortage is the worst at the lower end of the market, which is where prices are accelerating the fastest.
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