U.S. home price increases in September slowed to the lowest rate in nearly two years, according to the S&P CoreLogic Case-Shiller 20-city Index released on Tuesday.
“Home prices plus data on house sales and construction confirm the slowdown in housing,” David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, said in a statement.
Home prices appreciated by 5.5 percent in September, down from 5.7 percent in August – representing the second consecutive month of slowing appreciation.
Gains in some of the country’s biggest cities slowed, including in Seattle, where prices actually fell. Prices also fell in San Diego.
Despite sluggish price increases nationwide, these cities have seen the biggest price increases over the past year:
Home prices in Las Vegas, in the 12 months ending in September, rose by 13.5 percent – the most out of Case-Shiller’s 20-city index. Month-over-month the gains are much more muted, at just 0.6 percent.
Prices in San Francisco recorded the second largest gain in the year ending in September, at about 10 percent. Between August and September, however, prices were flat.
While Seattle has seen large year-over-year gains, it actually lost the most ground in September, as prices fell 1.3 percent. As of September, prices were still up 8.4 percent year-over-year.
Denver home prices rose 7.3 percent year-over-year as of September. However, on a monthly basis, prices actually declined by 0.1 percent.
In Phoenix, home prices rose by a seasonally-adjusted 0.9 percent between August and September. Between July and August, prices rose just 0.3 percent. In the year ending in September, home prices have appreciated by 7.2 percent in the city.