Overview
- The national index rose 1.3% year over year in September, down from 1.4% in August, and the monthly reading fell 0.3% on a non-seasonally adjusted basis.
- All 20 tracked metros posted month-to-month declines before seasonal adjustment, signaling widespread short-term cooling.
- Inflation outpaced home price growth for a fourth straight month, with September’s CPI running 1.7 percentage points above housing appreciation.
- Northeastern and Midwestern markets were firmer, led by Chicago (5.5% annual gain), New York (5.2%), and Boston (4.1%).
- Several Sun Belt and Western metros saw year-over-year drops, including Tampa (-4.1%), Phoenix (-2.0%), Dallas (-1.3%), and Miami (-1.3%), as closings reflected July–September mortgage rates near 6.3% and uneven inventory conditions.