Home prices reached another all-time high in September, but the pace of the increase slowed from previous readings, S&P Dow Jones Indices said. 

Specifically, the S&P CoreLogic Case-Shiller U.S. National Home Price Index rose 3.9% year over year but slid 0.1% month over month. In August, the rate of increase was 4.3%. 

“Home price growth stalled in the third quarter, after a steady start to 2024,” Brian Luke, head of commodities, real and digital assets, at S&P Dow Jones Indices, said in a press release. “The slight downtick could be attributed to technical factors as the seasonally adjusted figures boasted a 16th consecutive all-time high.” 

In Phoenix, home prices posted year-over-year and month-over-month gains of 1.8% and 0.3% in September. 

The 10-city composite index rose 5.2% on a yearly basis but declined 0.4% on a monthly one, while the 20-city composite rose 4.6% annually and lost 0.3% monthly.   

“Home price appreciation weakens further into fall as soft homebuyer demand and a rebound in mortgage rates continue to challenge housing markets and affordability,” CoreLogic Chief Economist Selma Hepp said in a statement. “The weaker trend is likely to dominate the remainder of the year as the focus shifts to the 2025 spring home-buying season.”