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
Construction Costs | Material Costs
Dec 23, 2025
Lumber Capacity Has Peaked for 2025An annual revision to the Federal Reserve G.17 Industrial Production report shows current sawmill production levels above 2017 by 7.5%, but just 0.3% above 2023 levels.
Building Systems Councils
Dec 22, 2025
Can Offsite Housing Solve the Housing Affordability Crisis?Offsite construction – a method in which components are planned, designed, fabricated in a factory setting and then transported and assembled onsite – is something more community-based organizations (CBOs) are turning to as a solution to the housing affordability crisis.
Latest Economic News
Economics
Dec 22, 2025
State-Level Employment Situation: September 2025In September 2025, nonfarm payroll employment was largely unchanged across states on a monthly basis, with a limited number of states seeing statistically significant increases or decreases. This reflects generally stable job counts across states despite broader labor market fluctuations. The data were impacted by collection delays due to the federal government shutdown.
Economics
Dec 19, 2025
Existing Home Sales Edge Higher in NovemberExisting home sales rose for the third consecutive month in November as lower mortgage rates continued to boost home sales, according to the National Association of Realtors (NAR). However, the increase remained modest as mortgage rates still stayed above 6% while down from recent highs. The weakening job market also weighed on buyer activity.
Economics
Dec 18, 2025
Lumber Capacity Lower Midway Through 2025Sawmill production has remained essentially flat over the past two years, according to the Federal Reserve G.17 Industrial Production report. This most recent data release contained an annual revision, which resulted in higher estimates for both production and capacity in U.S. sawmills.