Home Prices Edge Up in September Per Case Shiller Index

By Mark Lieberman

Managing Director and Senior Economist


  • Case Shiller CoreLogic indices ROSE ever so slightly in September;
  • The 10-city index IMPROVED 0.3 percent, the 20-city index was UP 0.7 percent and the National Index ROSE 0.12 percent
  • Year-year the 10-city index was UP 1.5 percent, the 20-city index ROSE 2.1 percent and the National index IMPROVED 3.2 percent in September;
  • Year-year the price growth slowed in seven cities in September compared with ten in August.


  • The three indices have gone eight months in a row without dropping (the 10-city index was flat from August to September).
  • The price index ROSE in 13 cities in September up from 11 in August;
  • The price index ROSE for the 21st straight month in Miami while falling for the third straight month in San Francisco and Washington DC.

Data Source: S&P Case Shiller/Core Logic

Image result for home prices

Home prices rose by the slimmest of margins in September according the monthly Case Shiller-CoreLogic home price index produced by Standard & Poor’s.

The increases were slightly ahead of price rises recorded in August, breaking a string of four months in which while prices continued to increase, each increase was slower than the month before.

The slower price growth combined with near-record low mortgage interest rates failed to significantly boost sales of existing single-family homes, exacerbating a weak housing market.

According to the Case Shiller data, price increases in its national index averaged 0.46 percent per month in the first nine months of this year, down slightly from 0.53 percent in the same period a year ago. The slow price increases have led potential sellers – particularly empty-nesters – to keep homes off the market bringing the inventory of homes for sale down. In the first 10 months of this year, the average monthly inventory of homes for sale is down from the same period a year ago.

The decline would be larger were it not for a fall in mortgage interest rates.

According to the National Association of Realtors, sales of existing single-family homes fell 2.5 percent in September even as the price of an existing single-family home dropped for the third straight month.

The Case Shiller report showed a distinct geographic bent with prices falling in three of the four Census regions, rising only in the South and there by only 0.2.

The sharpest increase in September came in Tampa (up 0.7 percent) followed by Cleveland, Los Angeles and Phoenix (up 0.5 percent each). The largest month-month decrease was in Chicago (0.7 percent) followed by San Francisco (down 0.6 percent).

Year-year, price increases were led by Phoenix (up 6.0 percent) followed by Charlotte (up 4.6 percent), Tampa (up 4.5 percent) and Atlanta (up 4.0 percent).

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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