U.S. home prices increased modestly in September from a year ago, as roughly seven years of rising home values have hurt affordability.
The S&P CoreLogic Case-Shiller 20-city home price index rose 2.1% in September from a year ago, up from a 2% annual gain in August, according to a Tuesday report.
“For many buyers, the fall housing market provides several challenges and opportunities,” said George Ratiu, senior economist at realtor.com. “While lower financing costs and a rising number of new homes are welcome signs in a market parched for inventory, prices are still climbing and the number of existing houses in the affordable price range is down by double-digits.”
