September 2019 saw an annual increase of 3.2% for home prices nationwide, crawling forward from last month’s pace, according to the Case-Shiller Home Price Index from S&P Dow Jones Indices and CoreLogic.

September’s report for the U.S. housing market is reassuring, said Craig Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices.

“The national composite index rose 3.2% relative to year-ago levels, with smaller increases in our 10- and 20-city composites,” Lazzara said. “Of the 20 cities in the composite, only one (San Francisco) saw a year-over-year price decline in September”

The 10-City and 20-City composites reported a 1.5% and 2.1% year-over-year increase, respectively. During the month, 12 of 20 cities reported increases before seasonal adjustment, whereas 17 of 20 cities reported increases after seasonal adjustment.  

“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,” Lazzara said. “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.”

According to the index, Phoenix, Charlotte, and Tampa reported the highest year-over-year gains among all of the 20 cities.

In September, Phoenix led with a 6% year-over-year price increase, followed by Charlotte with a 4.6% increase and Tampa with a 4.5% increase. Ten of the 20 cities reported larger price increases in the year ending September 2019 versus the year ending August 2019.

“At a regional level, Phoenix retains the top spot for the fourth consecutive month with September’s 6% year-over-year gain,” Lazzara said. “The Southeast region was also strong, as Charlotte, Tampa, and Atlanta all rose at greater than a 4% clip.”