Home prices are still considerably higher than they were a year ago, when the pandemic caused a massive run on housing, but the gains are finally starting to ease up.
Home prices rose 19.5% in September year over year, down from a 19.8% annual gain in August, according to the S&P CoreLogic Case-Shiller National Home Price Index. That is the first decrease in the annual gain since May 2020.
The 10-city composite rose 17.8% from a year ago, down from an 18.6% gain in August. The 20-city composite gained 19.1% year over year, down from 19.6% in the previous month.
Cities with the highest price increases were Phoenix, Tampa, Florida, and Miami. Phoenix prices were up 33.1% year over year, Tampa up 27.7% and Miami up 25.2%. Six of the 20 cities reported higher price increases in the year ended in September 2021 versus the year ended in August 2021.
Chicago, Minneapolis and Washington, D.C., saw the smallest annual price gains, but the increases were all still more than 10%.