Single-family home prices in New York declined by 0.1% in the third quarter of 2015 after remaining flat in the second quarter, according to new figures released for the S&P Case-Shiller Home Price Index. July saw a -0.3% decline from June, followed by no change in August and a 0.2% monthly increase in September.

Nationally prices increased 0.6% in the third quarter, up from -0.2% in the second quarter but down from 2.9% in the first.

Despite this slowdown, year-over-year price increases remained solid in September at 2.7% in New York and 5.5% nationally. New York was one of only four cities measured by the index where annual home prices grew below 3%.

After many years at nearly 0% interest rates, the Federal Reserve announced a few days ago that it would raise rates to between 0.25% and 0.50%. Although these rates are still low by historic measures it will be interesting to observe how this affects mortgage interest rates and the demand for housing.