S&P CoreLogic Case-Shiller US Home Price Index Declined Again in December

On Tuesday (2-28-23), S&P Dow Jones Indices released its S&P CoreLogic Case-Shiller US National Home Price NSA Index for December. The Index, which covers all nine US Census divisions, reported that home prices experienced a 5.8% annual gain in December. This is down from a 7.6% annual gain in November.

In December, the 10-City Composite annual increase came in at 4.4%, down from 6.3% in November. The 20-city composite posted a 4.6% year-over-year increase, down from 6.8% in the previous month.

Miami, Tampa, and Atlanta reported the highest year-over-year gains among the 20 cities in December. Miami led the way with a 15.9% year-over-year price increase, followed by Tampa with a 13.9% increase and Atlanta with a 10.4% increase. All 20 cities reported lower price increases in the year ending in December versus the year ending in November.

Before seasonal adjustment, the US National Index posted a 0.8% month-over-month decline in December, while both the 10-City and 20-City Composites posted decreases of 0.8% and 0.9%, respectively. After seasonal adjustment, the US National Index posted a month-over-month decline of 0.3%; and the 10-City and 20-City Composites posted declines of 0.4% and 0.5%, respectively. In December, all 20 cities reported declines before and after seasonal adjustments.