The S&P CoreLogic Case-Shiller Indices for September 2021 has just been released and with it comes a hint of where the market may be headed.
According to the Index, national home prices saw a 19.5 percent annual gain in September—down from 19.8 percent in August 2021. The 10-City Composite annual increase came in at 17.8 percent, also down from the previous month which saw a 18.6 percent gain.
The 20-City Composite posted a 19.1 percent year-over-year gain in September, down from 19.6 percent in the previous month.
September 2021 marks the first time since May 2020, that home price growth was down compared to the month prior.
Also of note in the new September indices, San Diego has lost it’s top spot among cities with the highest year-over-year gains.
Phoenix, Tampa, and Miami reported the highest year-over-year gains among the 20 cities in September, according to the Index. Phoenix continue to lead the way at a 33.1 percent year-over-year price increase, followed by Tampa with a 27.7 percent increase and Miami with a 25.2 percent increase.
Just six of the 20 cities reported higher price increases in in September 2021 versus the year ending August 2021.