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.
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.