Home pricing data from September suggests that the red-hot housing market that took off during the pandemic, could finally be starting to cool just a little. While prices are still considerably higher than they were a year ago, the increase in prices seems to be going down.
Home prices rose 19.5 percent in September over the year before, down from a 19.8 percent year over year increase in August, according to the S&P CoreLogic Case-Shiller National Home Price Index, the first decrease in annual increase since May 2020, two months after the pandemic struck in the U.S.
Additionally, the 10-city composite was up 17.8 percent from a year earlier, down from an 18.6 percent gain in August, and the 20-city composite was up 19.1 percent from a year earlier, down from 19.6 percent in August.
Home prices remain high, however, amid continuing very tight supply and heavy investor activity in the housing market.