The latest data shows that the average U.S. home price for the 20-city Case-Shiller index has returned to levels last seen in the fall of 2004, but that’s still about 15 percent below the 2006 peak.
The S&P/Case-Shiller home price index found that home prices rose 0.34 percent in September month-over-month. That’s about what housing market observers expected.
Year-over-year, home prices rose 4.9 percent. That’s above the 4.6 percent that was expected. However, it was below the previous month’s 5.6 percent year-over-year increase.
“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 National Index reported a month-over-month decrease for the first time since November 2013.”
The Northeast region reported its first negative month-over-month returns since December 2013, and its worst year-over-year returns since December 2012 due to weaknesses in Washington D.C. and Boston, Blitzer added.
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.
Month-over-month, 9 of the 20 cities in S&P/Case-Shiller’s 20-city composite index reported lower monthly figures, while 9 saw increases. Prices in Los Angeles and New York were flat. Washington DC saw a 0.4 percent decline, the biggest of all 20 cities.