S&P CoreLogic Case-Shiller US Home Price Index Continued to Decline in September

On Tuesday (11-29-2022), S&P released its S&P CoreLogic Case-Shiller US National Home Price NSA Index for September. The Index, which covers all nine US Census divisions, reported that home prices experienced a 10.6% annual gain in September, down from a 13.0% annual gain in August, a 15.8% annual gain in July, and a 18.1% annual gain in June. September marks the sixth consecutive monthly decline in home prices.

The 10-City Composite annual increase came in at 9.7% in September, down from a 12.1% gain in August. The 20-City Composite posted a 10.4% gain in September, down from a 13.1% year-over-year gain in August.

The highest year-over-year gain among the top 20-cities in September was led by Miami at 24.6%, followed by Tampa at 23.8% and Charlotte with a 17.8% increase. All 20 cities reported lower price increases in the year ending in September versus the year ending September 2021.

Before seasonal adjustment, the US National Index posted a 1.0% month-over-month decline in September, while both the 10-City and 20-City Composites posted a decrease of 1.4% and 1.5% respectively. After seasonal adjustment, the US National Index posted a month-over-month decline of 0.8%, and the 10-City and 20-City Composites both posted declines of 1.2%. In September, all 20 cities reported declines before and after seasonal adjustments.