Home prices rose month-on-month in September for the first time since April.
The latest S&P/Case-Shiller home price index showed home prices rose 0.34% in September, roughly in-line with expectations for a 0.3% increase.
Year-over-year, home prices rose 4.9%, better than the 4.6% that was expected but down from the last report’s 5.6% increase.
These gains, however, still show what the release called a “broad-based slowdown for home prices.”
As of September, the average home price for the 20-city Case-Shiller index is back to levels seen in the fall of 2004, and still about 15% below the 2006 peak.
On a month-on-month basis, 9 of the 20 cities in the 20-city composite index saw lower monthly figures while 9 posted increases. Prices in LA and New York were flat. Washington DC saw a 0.4% decline, the largest of all 20 cities.
Following the report, Zillow chief economist Stan Humphries said, “The days of double-digit home value appreciation continue to rapidly fade away as more inventory comes on line, and the market is becoming more balanced between buyers and sellers.”
Humphries added that, “This slowdown is a critical step on the road back to a normal housing market, and as we approach the end of 2014, the housing market has plenty to be thankful for.”
This chart from S&P shows the current levels for the Case-Shiller report.