BrokerageHousing MarketReal Estate

Home price appreciation continues to slow

September marked the sixth consecutive month of decelerating home price growth

Yearly home-price growth continued to slow in September, with the year-over-year price gain shrinking for the sixth consecutive month, according to the S&P CoreLogic Case-Shiller National Home Price Index, released Tuesday.

Nationwide home prices posted an annual gain of 10.6% in September, bringing the index to a reading of 300.41. In August, the index recorded a year-over-year increase of 13.0%.

“As has been the case for the past several months, our September 2022 report reflects short-term declines and medium-term deceleration in housing prices across the U.S.,” Craig Lazzara, the managing director at S&P DJI, said in a statement.

Month over month, the US National Index posted a seasonally adjusted decrease of 1.0% in home prices.

“On a monthly level, home prices continued to drop. While buyers are stepping aside waiting for more affordable prices and rates – causing the slowdown on price growth – would-be sellers are sticking their ground and holding tight to the inventory they currently own,” Nicole Bachaud, Zillow’s senior economist, said in a statement. “As a result, prices might not continue to plunge down as much as some projections anticipate— as the available inventory of homes on the market is constrained.”

The Case-Shiller 20-city home price index posted a 10.4% annual increase, down from 13.1% in August. This yearly increase brought the 20-city index to a reading of 306.29. All 20 cities analyzed posted lower price increase in the year ending September 2022 as compared to the year ending August 2022.


Here’s how home price appreciation impacts taxes – And what that means for servicers

Real estate prices (and home appreciation) have been on a tear over the past few years. But sooner or later all this good fortune will translate into higher assessments and tax increases. Here’s what servicers should be doing to anticipate tax issues.

Presented by: LERETA


(The Case-Shiller home price indices for September is a three-month average of closing prices in July, August and September. Because most home sales take several months from contract to closing, the data likely includes some deals struck in April and May.)

Home price growth in the 10-city composite index also slowed in September, reporting a yearly gain of 9.7% to a reading of 317.35. A month prior, the 10-city index posted a year-over-year increase of 12.1%.

Yet again, Miami, Tampa and Charlotte had the highest annual gains among the 20 cities, with year-over-year increases of 24.6%, 23.8%, and 17.8%, respectively.

“Despite considerable regional differences, all 20 cities in our September report reflect these trends of short-term decline and medium-term deceleration. Prices declined in every city in September, with a median change of -1.2%. Year-over-year price gains in all 20 cities were lower in September than they had been in August,” Lazzara. “The three best-performing cities in August repeated their performance in September. The Southeast (+20.8%) and South (+19.9%) were the strongest regions by far, with gains more than double those of the Northeast, Midwest, and West; the two worst performing cities were San Francisco (+2.3%) and Seattle (+6.2%).”

With the Federal Reserve expected to increase interest rates potentially three more times in the coming months, Lazzara said he expects the decline in home price growth to continue.

“As the Federal Reserve moves interest rates higher, mortgage financing becomes more expensive and housing becomes less affordable,” Lazzara said. “Given the continuing prospects for a challenging macroeconomic environment, home prices may well continue to decelerate.”

Most Popular Articles

Real estate tech profile: Growing a business with Scout 

Becoming the mayor of your geo-farming neighborhood has, for a long time, been conducted in very much the same way — with door-knocking, direct mail and luck. Technology has started making inroads to opening conversations, but there was still a gap filled mostly with just-listed and just-sold postcards. Truly being able to reach the consumer […]

Nov 26, 2024 By

Latest Articles

Trading money for time is the key to hitting your annual sales goals 

Troy Palmquist offers strategies to help you leverage your resources and create more time for the things that matter most right now Like many agents, you may have spent last year retrenching, scaling back, working on systems and processes, and diving deeper into your database. Now, the action plan starts to take place to hit […]

Dec 06, 2024 By