S&P/Case-Shiller Home Price
The latest Case-Shiller results show that home prices continue to decelerate. The 10-City Composite gained 4.8% year-over-year, down from 5.5% in August. The 20-City Composite gained 4.9% year-over-year, compared to 5.6% in August.
The National and Composite Indices were both slightly negative in September. Both the 10 and 20-City Composites reported a slight downturn while the National Index posted a -0.1% change for the month. Charlotte and Miami led all cities in September with increases of 0.6%. Atlanta and Washington D.C. offset those gains by reporting decreases of 0.3% and 0.4%.
“The overall trend in home price increases continues to slow down,†says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices.
The West and Southwest, previously strong regions, are seeing price gains fade. The only region showing any sustained strength is the Southeast led by Florida; price gains are also evident in Atlanta and    Charlotte.
Charlotte and Dallas were the only two cities to see their annual gains increase while Cleveland remained virtually unchanged for the fourth consecutive month. All other cities saw their annual gains decelerate. Miami continued to lead all cities with a 10.3% year-over-year gain. Detroit saw its gains drop to 5.0% from 6.7% the previous month.
September recorded mixed monthly figures. Nine cities recorded lower monthly figures while nine posted increases. Los Angeles and New York both reported flat monthly changes. Washington D.C. had the largest decrease of all 20 cities at 0.4% month-over-month.
