Home prices continued to increase across the U.S., but the pace declined slightly in September.

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, which covers all nine U.S. Census divisions, reported a 19.5% annual gain in September, down from 19.8% in the previous month.

The 10-City Composite annual increase came in at 17.8%, down from 18.6% in the previous month, while the 20-City Composite posted a 19.1% year-over-year gain, down from 19.6% in the previous month.

“If I had to choose only one word to describe September 2021’s housing price data, the word would be ‘deceleration,’” says Craig J. Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices. “Housing prices continued to show remarkable strength in September, though the pace of price increases declined slightly.”

Out of the 20 cities included in the report, Phoenix, Tampa, Florida, and Miami reported the highest year-over-year gains in September. Phoenix led the way with a 33.1% year-over-year price increase, followed by Tampa with a 27.7% increase and Miami with a 25.2% increase.

“Phoenix’s 33.1% increase led all cities for the 28th consecutive month,” continues Lazzara. “Tampa rose to second place in September, and Miami edged out Dallas, San Diego, and Las Vegas for the bronze medal. Prices were strongest in the South and the Sun Belt, but every region logged double-digit gains.”

Before seasonal adjustment, the U.S. National Index posted a 1% month-over-month increase in September, while the 10-City and 20-City Composites both posted increases of 0.7% and 0.8%, respectively. After seasonal adjustment, the index posted a month-over-month increase of 1.2%, and the 10-City and 20-City Composites both posted increases of 0.8% and 1%, respectively.

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