US home prices growth decelerates in September

Home prices increase 19.5% year-on-year in September, according to the S&P CoreLogic Case-Shiller national home price index, down from the 19.8% annual gain seen in August.

The decline marked the first decrease seen since May 2020 as the ten-city composite rose 17.8% year-on-year, down from an 18.6% gain in August, while the 20-city composite gained 19.1% year-on-year, down from 19.6% in the previous month, indicating that gains were finally starting to ease up.

Cities with the highest price increases were Phoenix, Tampa and Miami, while Chicago, Minneapolis and Washington DC saw the smallest annual price gains.