US home price growth slows to weakest September pace since 2011, First American says
SPY•U.S. home prices rose 1.2% year over year in September 2026, the weakest September growth since 2011, and were unchanged from August. Chicago led gains among the 50 largest metropolitan markets at 5.1%, while Dallas had the largest decline at 6.3%.
1. Annual growth slows
First American’s September 2026 report showed U.S. home prices rose 1.2% year over year, the weakest September increase since 2011. Prices were unchanged month over month, while annual growth remained positive across starter, mid-tier and luxury homes.
2. Market differences
Luxury-home price growth exceeded starter-home growth in roughly 70% of the top markets tracked. Chicago led annual gains among the 50 largest metropolitan markets at 5.1%, while Dallas posted the largest decline at 6.3%.
3. Affordability and supply
Chief economist Mark Fleming said higher mortgage rates could constrain affordability and restrict housing supply, supporting prices.
