U.S. home price growth accelerates slightly in September - S&P Dow Jones Indices

S&P reported on Tuesday its Case-Shiller Home Price Index, which tracks home prices in 20 U.S. metropolitan areas, rose 2.1 percent y-o-y in September, following an unrevised 2.0 percent y-o-y increase in August.

Economists had expected an advance of 2.1 percent y-o-y.

Phoenix (+6.0 percent y-o-y), Charlotte (+4.6 percent y-o-y) and Tampa (+4.5 percent y-o-y) recorded the highest y-o-y gains in September.

Meanwhile, the S&P/Case-Shiller U.S. National Home Price Index, which measures all nine U.S. census divisions, was up 3.2 percent y-o-y in September, up from 3.1 percent y-o-y in the previous month.

"September’s report for the U.S. housing market is reassuring,” noted Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P Dow Jones Indices. “After a long period of decelerating price increases, it’s notable that in September both the national and 20-city composite indices rose at a higher rate than in August, while the 10-city index’s September rise matched its August performance. It is, of course, too soon to say whether this month marks an end to the deceleration or is merely a pause in the longer-term trend,’ he added.