National residence price index in the United States, growth slows down in September - strengthening the bargaining power of buyers

Last updated on November 26, 2024, 23:51 JST
The U.S. national residence price index rose 3.9% year-on-year in September, down from a 4.3% increase in the previous month.
The number of residences listed for sale increased by about 12% year-on-year - expanding buyers' choices.
The September U.S. national residence price index compiled by S&P CoreLogic/Case-Shiller showed a slowdown in growth compared to the previous month. Buyers have strengthened negotiation power in the housing market.

The U.S. national residence price index increased by 3.9% year-on-year.
In line with financial estimates, it rose by 4.3% in the previous month.
The housing price index in 20 U.S. cities rose by 4.6% year-on-year.
Expected to rise by 4.7%, higher than the previous month's increase of 5.2%.

In September, the index ETF is following the movements of the past three months since July. During this period, interest rates have dropped to the lowest level in two years. Additionally, according to Realtor.com, the number of new residences listed for sell in September increased by about 12% compared to the same month last year, providing more options for buyers.
Hana Jones, Senior Economic Research Analyst at Realtor.com, analyzed that during that period the market continued to tilt in favor of buyers. However, in recent weeks, borrowing costs have been rising, posing a risk of putting pressure on demand.

In September, the residential price index of the top 20 cities increased by 4.6% compared to the same month last year. In August, it was a 5.2% increase. The highest increase was in New York at 7.5%, followed by Cleveland and Chicago.