Case Shiller Home Price Continues Climbing in September

By Mark Lieberman

Managing Director and Senior Economist


  • Case Shiller CoreLogic national Home Price Index IMPROVED in September for the 20th straight month;
  • The 10- and 20-city indices each GREW for the 11th straight month;
  • 10- and 20-city year-year index growth was strongest in more than three years;
  • Index improved in 16 of the 20 cities surveyed in September;
  • Year-year prices were UP in all 20 cities but the year-year increase slowed in four cities.

Image result for home sales

Home prices grew again in September according to the monthly Case Shiller CoreLogic Home Price Index released Tuesday, in a report that could be welcome news for inventory-starved realtors.

The national home price index jumped 0.35 percent in September to 195.51, its tenth consecutive monthly record high. The September increase was slower than the 0.47 percent increase recorded in August.

The 10-city index improved 0.48 percent to 217.27 in September, compared with a 0.39 percent gain in August. The 20-city index was up 0.40 percent in September to 203.50. The 20-city index grew 0.39 percent in August.

The market for existing single-family homes has been slowed due to a lack of supply as potential sellers have been reluctant to list their homes despite – or because of – rising prices, with concerns about finding affordable replacement housing.  That prices are increasing could be a double-edged sword for on-the-shelf home sellers who could either be lured into the market or remain on the sidelines hoping for even further price gains.

The National Association of Realtors reported the median price of an existing single-family home fell $5,500 in September, 2.2 percent, to $247,600 as the number of homes for sale fell to 1.86 million the lowest level of the year. The inventory computes to a 4.2-month supply of existing homes for sale.

The historic average of the supply of existing homes for sale is 6.0 months.

Per the Case-Shiller data, prices rose most rapidly in September in Las Vegas (1.0 percent), Tampa and New York (0.9 percent) and Cleveland (0.7 percent).  But the price index fell in Seattle (0.3 percent) and Detroit (0.1 percent) while it was flat in Chicago and Minneapolis.

Regionally, month-month the price index was up 0.7 percent in September in the Northeast, up 0.4 percent in the West, 0.3 percent in the South and 0.1 percent in the Midwest.

Year over year price increases were led by Seattle (12.9 percent), the only city to experience a double-digit percentage increase. Year-year price increases in Denver, Detroit, Seattle and Minneapolis.

Hear Mark Lieberman this Friday on P.O.T.U.S. radio’s Morning Briefing, Sirius-XM 124, at 6:20 am Eastern Time. You can follow Mark Lieberman on Twitter at @foxeconomics.

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