The numbers: The S&P CoreLogic Case-Shiller U.S. 20-city price index fell 1.2% in September, its third consecutive monthly decline.
The decline matches the forecast of economists were expecting a 1.3% decline.
Year-on-year appreciation rose 10.4%, but that reflects the stronger conditions in late 2021. The figure is down from 13.1% in August.
A broader measure of home prices, the U.S. national index, fell by a seasonally adjusted 0.8% in September.
Key details: On a month over month basis, all 20 cities posted declines, led by the western region.
Sales were strongest in Miami, Tampa and Charlotte.
Year-over-year gains in home prices peaked roughly six months ago and have decelerated since then.
Big picture: Mortgage rates have shot up, making homes less affordable and putting many buyers on the sidelines. Economists think that home prices have further to fall. Federal Reserve officials don’t seem too concerned this process will turn into a deep downturn.
Looking ahead: “Prices have much further to fall before they adjust fully to the ongoing collapse in demand,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics.