Single family home prices in the New York metro area rose by 0.6% in September, in line with a national increase of 0.7% in the last month of the summer. Nearly all cities, including New York, saw prices rise more slowly in September than in August. Over the past year, prices in New York increased 4.3%, compared to 13.3% for the 10-city composite index.
Housing markets in California, Las Vegas and Phoenix saw prices increase between 18.6% and 29.1% over the previous year, but the pace of that increase in San Diego, San Francisco and Los Angeles slowed down for the fifth consecutive month, suggesting they may soon reach a peak. Chicago, where home prices increased 9.7%, saw the highest year-over-year increase since November 2005.
Home prices in Charlotte, NC, were the only ones to decline among the twenty cities measured by the Case-Shiller Home Price Index. They did so by 0.2% after rising for nine consecutive months and increasing 7.8% over the past year.
