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S&P: US home prices rise at fastest annual rate since June 2014

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S&P: US home prices rise at fastest annual rate since June 2014

U.S. home prices rose at an annual rate of 6.2% in September, up from a 5.9% annual increase in the previous month, the latest data from the S&P CoreLogic Case-Shiller nonseasonally adjusted national home price index showed.

The 10-city composite posted a 5.7% year-over-year increase in September, up from 5.2% in August. The 20-city composite showed a 6.2% annual gain, up from 5.8% in the prior month.

Among the 20 cities, Seattle, Las Vegas, and San Diego reported the highest annual price increases with 12.9%, 9.0% and 8.2%, respectively.

On a seasonally adjusted monthly basis, the national index recorded a 0.7% increase in September, with the 10-city and 20-city composites posting 0.6% and 0.5% gains, respectively.

"Home prices continued to rise across the country with the S&P CoreLogic Case-Shiller National Index rising at the fastest annual rate since June 2014," said David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices.

"Most economic indicators suggest that home prices can see further gains," Blitzer also said, adding that rental rates and home prices are climbing, the rent-to-buy ratio remains stable, while the inventory of homes for sale is still low.

Meanwhile, the house price index compiled by the Federal Housing Finance Agency, or FHFA, showed that U.S. house prices rose 1.4% in the third quarter. Compared to the same period a year ago, house prices were up 6.5%.

In September, house prices went up 0.3% from August, according to FHFA's seasonally adjusted monthly index.

Of the nine census divisions, the Pacific division recorded the strongest annual increase, posting an 8.9% gain from a year ago and a 1.7% gain from the second quarter.

"At some point, declining housing affordability should temper appreciation rates in some of the nation's fastest appreciating markets, but our third-quarter results show few signs of that," said deputy chief economist Andrew Leventis.

S&P Dow Jones Indices and S&P Global Market Intelligence are owned by S&P Global Inc.