From the WSJ:
The yearly growth in home prices across the U.S. decelerated further in September, according to a home price report released Tuesday.
The home price index covering the entire nation increased 4.8% in the 12 months ended in September, said the S&P/Case-Shiller Home Price Index report. That is down from 5.1% in August.
The home price index covering 10 major U.S. cities increased 4.8% in the year ended in September. The 20-city price index was up 4.9%. That is down from 5.6% in August but slightly above the 4.8% expected by economists surveyed by The Wall Street Journal.
On an unadjusted basis, the 10-city and 20-city gauges were unchanged in September from August, while the national index slipped 0.1%. S&P said that was the first national decline since November 2013.
Seasonally adjusted, the U.S. index increased 0.7% in September, while the two city composites each rose 0.3%.
The slowdown reflects the lackluster pace of home demand as buyers are constrained by stagnant pay growth and tight lending conditions as well as lingering financial problems for some households even years after the recession.
“The overall trend in home price increases continues to slow down,” said David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices.
“Other housing statistics paint a mixed to slightly positive picture,” he said, pointing to increased housing starts and a reduced mortgage default rate. “With the economy looking better than a year ago, the housing outlook for 2015 is stable to slightly better.”