It’s getting more expensive to buy a home in the Sun Belt, with Phoenix, Charlotte and Tampa reporting the highest year-over-year gains among the 20 cities analyzed by the September 2019 S&P CoreLogic Case-Shiller Indices.
Phoenix posted a 6% year-over-year price increase, followed by Charlotte with a 4.6% increase and Tampa with a 4.5% gain. Home prices continue to increase at a modest rate across the U.S., which posted a 3.2% annual gain nationally for the month, up from 3.1% the previous month.
Ten of the 20 cities reported greater price increases in the year ending September 2019 versus the year ending August 2019. The Southeast region was strong, as Charlotte and Atlanta rose at greater than a 4.0% clip. New York City prices rose 0.8% year over year.
“September’s report for the U.S. housing market is reassuring,” says Craig J. Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices. “After a long period of decelerating price increases, it’s notable that in September both the national and 20-city composite indices rose at a higher rate than in August, while the 10-city index’s September rise matched its August performance. It is, of course, too soon to say whether this month marks an end to the deceleration or is merely a pause in the longer-term trend.”