![Case Shiller House Prices Sept 2020](https://madisonsreport.com/wp-content/uploads/2020/11/010b71619de5d7b4f3ee853c6bd0dacd.png)
The S&P CoreLogic Case-Shiller US National Home Price NSA Index reported Tuesday a +7% annual gain in September 2020, up from +5.8% in August.
Adding to pressure on home prices is the ever shrinking supply of homes for sale, already at a record low. Inventory fell to a 2.5-month supply at the end of October, according to the National Association of Realtors.
While single-family home construction is rising slowly, it is not even close to meeting the demand, especially in the lower price tiers.
![US House Price to Rent Sept 2020](https://madisonsreport.com/wp-content/uploads/2020/11/PriceRentSept2020-1024x696.png)
Elsewhere, the Federal Housing Finance Agency House Price Index (FHFA HPIยฎ) released also Tuesday that US house prices roseย +7.8%ย from 3Q 2019 to 3Q 2020.
House prices were upย +3.1%ย in 3Q 2020 compared to 2Q.
FHFA’s seasonally adjusted monthly index for September was upย +1.7%ย from August.
![Screen Shot 2020-11-24 at 12.49.42 PM](https://madisonsreport.com/wp-content/uploads/2020/11/Screen-Shot-2020-11-24-at-12.49.42-PM-1024x670.png)
US house prices have risen for 37 consecutive quarters, or since September 2011.
![FHFA House Price Index 3Q 2020](https://madisonsreport.com/wp-content/uploads/2020/11/Screen-Shot-2020-11-24-at-12.49.51-PM-1024x667.png)