Home Price Gains Slow; October Volume Up

NEW YORK CITY—The slowdown in home sale prices continued for the 10th consecutive month in September, with the S&P/Case-Shiller 10-City and 20-City Composite Indices issued Tuesday both showing smaller year-over-year gains than the month prior. To economists, the slowdown signals a stabilizing housing market, while in a separate announcement, Seattle-based Redfin reported that home sales showed the year’s first Y-O-Y gain in October.

“The overall trend in home price increases continues to slow down,” says David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices. He says the the 10- and 20-City Composites “continued their Y-O-Y downward trend, gaining 4.8% and 4.9%” compared to their Y-O-Y gains of 5.6% in August, while the National Index reported a month-over-month decrease for the first time since November 2013.