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Case-Shiller Index flies high in September, rises 7 percent

Year-over-year growth for the Case-Shiller U.S. National Home Price Index displayed a 7 percent increase in September, up from August’s 5.8 percent. Despite slower growth over the month in 10 and 20-city composite indices, growth shot above 6 percent in each.

September’s Case-Shiller national Home Price Index results highlighted growth, the index rising 7 percent year-over-year for the month.

Although the smaller 10- and 20-city composite indices grew more slowly, year-over-year growth bumped up above 6 percent in each (6.2 percent and 6.6 percent respectively).

The annual rate of growth was faster in August than in July in all three main indices. On a monthly (seasonally adjusted) basis, the 10- and 20-city indices were each up by more than 1% (1.2% and 1.3%, respectively), and the national index was up 1.4% from August.

Home price appreciation remained high through September, mortgage rates staying near their lowest levels ever and buyers still quick to buy.

In September, homes went under contract two weeks faster in that the year before. than they did a year earlier. Elevated levels of market competition have been placing upward pressure on prices for months, but home prices have just recently began to take off.