Home Prices Continue to Rise in September
National home prices continued to increase in September. Despite rising mortgage rates, limited inventory and solid, but weakened, demand provided support for home prices. National home prices are now 69% higher than their last peak during the housing boom in March 2006.
The S&P CoreLogic Case-Shiller U.S. National Home Price Index rose at a seasonally adjusted annual growth rate of 8.1% in September, slightly slower than a 9.8% increase in August. It is the eighth consecutive annual gain since February 2023.
On a year-over-year basis, the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index posted a 3.9% annual gain in September, following a 2.5% increase in August.
Meanwhile, the Home Price Index, released by the Federal Housing Finance Agency (FHFA), rose at a seasonally adjusted annual rate of 7.6% in September, following an 8.8% increase in August. On a year-over-year basis, the FHFA Home Price NSA Index rose by 6% in September, up from 5.8% in the previous month.
In addition to tracking national home price changes, S&P CoreLogic reported home price indexes across 20 metro areas in September. All 20 metro areas had positive home price appreciation. Their annual growth rates ranged from 1.9% to 18.9%.
Jing Fu, director of forecasting and analysis at NAHB, provides more details on local price increases in this Eye on Housing post.
Latest from NAHBNow
Apr 18, 2025
Empowering New Home Buyers and Builders with Data and ExposureHomebuyers are increasingly relying on a research-driven approach to their new home buying experience. Homes.com is meeting that need with its new home marketplace.
Apr 17, 2025
Trade War Will Create Further Economic and Financial Market StressNAHB Chief Economist Robert Dietz provided this economic and housing industry overview in the bi-weekly newsletter Eye On the Economy.
Latest Economic News
Apr 17, 2025
Housing Starts Decline Amid Economic UncertaintyConstrained housing affordability conditions due to elevated interest rates, rising construction costs and labor shortages led to a reduction in housing production in March.
Apr 16, 2025
Builder Confidence Levels Indicate Slow Start for Spring Housing SeasonGrowing economic uncertainty stemming from tariff concerns and elevated building material costs kept builder sentiment in negative territory in April, despite a modest bump in confidence likely due to a slight retreat in mortgage interest rates in recent weeks.
Apr 14, 2025
Where Do Builders and Remodelers Buy Building Products?The most common sources for products used in home building and remodeling are specialty retailers, lumber yards, and wholesale distributors, according to two recent NAHB surveys. The surveys include one of single-family homebuilders in the October 2024 NAHB/Wells Fargo Housing Market Index (HMI) and one of remodelers in the Q3 2024 NAHB/Westlake Royal Remodeling Market Index (RMI). Both surveys asked respondents where they purchase building products, regardless of who ultimately purchases them (themselves or subcontractors).