National home prices continued to increase in September. Despite rising mortgage rates, limited inventory and solid, but weakened, demand provided support for home prices. National home prices are now 69% higher than their last peak during the housing boom in March 2006.

The S&P CoreLogic Case-Shiller U.S. National Home Price Index rose at a seasonally adjusted annual growth rate of 8.1% in September, slightly slower than a 9.8% increase in August. It is the eighth consecutive annual gain since February 2023.

On a year-over-year basis, the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index posted a 3.9% annual gain in September, following a 2.5% increase in August.

Meanwhile, the Home Price Index, released by the Federal Housing Finance Agency (FHFA), rose at a seasonally adjusted annual rate of 7.6% in September, following an 8.8% increase in August. On a year-over-year basis, the FHFA Home Price NSA Index rose by 6% in September, up from 5.8% in the previous month.

In addition to tracking national home price changes, S&P CoreLogic reported home price indexes across 20 metro areas in September. All 20 metro areas had positive home price appreciation. Their annual growth rates ranged from 1.9% to 18.9%.

Jing Fu, director of forecasting and analysis at NAHB, provides more details on local price increases in this Eye on Housing post.