On a seasonally adjusted basis, all 20 cities in a separate index showed price increases in September, and prices in 17 of them are higher than they were in September 2022.
Unless broader events lead to general economic weakness, the breadth and strength of prices are expected to continue, he said. “Although this year’s increase in mortgage rates has surely suppressed the quantity of homes sold, the relative shortage of inventory for sale has been a solid support for prices,” said Craig Lazzara, managing director at S&P Dow Jones Indices. That is well above the typical annual increase over the 35 years that S&P has tracked the data. Year to date in September, the national composite, which covers all nine US census divisions, has risen 6.1%. New home sales fell last month as mortgage rates hit 2023 high Homes under construction at the Cold Spring Barbera Homes subdivision in Loudonville, New York, US, on Wednesday Nov.
