On Tuesday (10-31-23), S&P Dow Jones Indices released its S&P CoreLogic Case-Shiller US National Home Price NSA Index for August. The Index, which covers all nine Census divisions, shows 13 of the 20 major metro markets reported month-over-month increases.
Year-over-year, the Index reported an annual gain of 2.6% in August, up from an annual gain of 1.0% in July. Year-over-year, the 10-City Composite posted a 3.0% increase in August, up from a 1.0% increase in July. The 20-City Composite was 2.2% higher in August, up from July’s modest increase of 0.2%.
Chicago led the way for the fourth consecutive month, reporting the highest year-over-year gain among the 20 cities in August. Seven of 20 cities reported lower prices. Twelve of the 20 cities reported higher prices in the year ending August versus the year ending in July. Year-over-year, 19 of the 20 cities reported a positive trend and price acceleration compared to the prior month.
Before seasonal adjustment, the US National Index, for both the 10-City and 20-City Composites, posted a 0.4% month-over-month increase in August.
After seasonal adjustment, the US National Index posted a month-over-month increase 0.9%, while the 10-City and 20-City Composites each posted a 1.0% increase.
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