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U.S. home prices continued to rise in September, albeit at a slower pace, according to reports released by the Federal Housing Finance Agency (FHFA) and the S&P Dow Jones Indices (S&P DJI). The FHFA has attributed the slowdown to elevated house prices and mortgage rates.

The S&P CoreLogic Case-Shiller Indices showed that home prices experienced slowed growth as the National Home Price NSA Index rose 3.9 percent on an annual basis, down from a 4.3 percent gain the previous month.

The analytics firm’s 10-City Composite and 20-City Composite, which tracks home prices across the largest U.S. cities, rose 5.2 percent and 4.6 percent, down from a 6 percent and 5.2 percent increase a month earlier.

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On a seasonally adjusted basis, the U.S. National Index rose 0.3 percent month over month, while the 20-City Composite and 10-City Composite was up 0.2 percent and 0.1 percent month over month.

“Home price growth stalled in the third quarter, after a steady start to 2024,” Brian D. Luke, CFA, Head of Commodities, Real & Digital Assets at S&P Dow Jones Indices, said.“The slight downtick could be attributed to technical factors as the seasonally adjusted figures boasted a 16th-consecutive all-time high.”

“We continue to see above-trend price growth in the Northeast and Midwest, growing 5.7 percent and 5.4 percent, respectively, led by New York, Cleveland, and Chicago,” Luke continued. “The Big Apple has taken the top spot for five-consecutive months, pushing the region ahead of all others since August 2023. The South region reported its slowest growth in over a year, rising 2.8 percent, barely above current inflation levels.”

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