The S&P CoreLogic Case-Shiller 20-city home price index in the US rose 4.6% year-on-year in September 2024, marking the slowest increase in a year, down from 5.2% in August and below the 4.8% forecast.
US house prices rise the least in a year
New York saw the highest annual gain among the 20 cities with a 7.5% increase, followed by Cleveland (7.1%) and Chicago (6.9%). Conversely, Denver experienced the smallest year-over-year growth at 0.2%, with Portland (1%) and Tampa (1%) also showing modest gains. On a month-to-month basis, the home price index fell 0.3%, consistent with August's decline.
Expert's comment
Brian D. Luke, CFA, Head of Commodities, Real & Digital Assets, noted, "Home price growth stalled in Q3, following a steady start to 2024, with the slight decline likely due to technical factors, as seasonally adjusted data reached a 16th consecutive all-time high."
