In September home prices rose 6.2 percent, up from 5.9 percent in August, according to the latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index. The surge marks the strongest price growth in over three years. The highest year-over-year gains were recorded in the cities of Seattle, Las Vegas and San Diego.

“Home prices, after multiple years of fast growth, still show no signs of cooling because of the ongoing housing shortage in much of the country,” said National Association of Realtors Chief Economist Lawrence Yun in a statement. “This fast appreciation over income growth is not sustainable over many years.

Indeed, economic indicators — including low mortgage rates, the low unemployment rate, the rising cost of rent, and the 3.8-month supply of homes — suggest that home price gains will likely continue, noted David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices.

“One dark cloud for housing is affordability — rising prices mean that some people will be squeezed out of the market,” Blizter said in a statement.

The S&P/Case-Shiller U.S. National Home Price Index is a composite of single-family home price indices that is calculated every month; the indices for the nine U.S. Census divisions are calculated using estimates of the aggregate value of single-family housing stock for the time period in question.

The nine divisions are:

  • New England
  • Middle Atlantic
  • East North Central
  • West North Central
  • South Atlantic
  • East South Central
  • West South Central
  • Mountain
  • Pacific

CoreLogic serves as the calculation agent for the S&P/Case-Shiller U.S. National Home Price Index.

Email Caroline Feeney

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×