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

On Tuesday (3-28-23), S&P Dow Jones Indices released its latest S&P CoreLogic Case-Shiller US National Home Price NSA Index. The Index, which covers all nine US Census divisions, reported that home prices experienced a 3.8% annual gain in January. This is down from a 5.6% annual gain in December.

In January, the 10-City Composite annual increase came in at 2.5%, down from 4.4% in December. The 20-City Composite posted a 2.5% year-over-year increase, down from 4.6% in the previous month.

Miami, Tampa, and Atlanta reported the highest year-over-year gains among the 20 cities in January. Miami led the way with a 13.8% year-over-year price increase, followed by Tampa in second with a 10.5% increase and Atlanta in third with an 8.4% increase. All 20 cities reported lower price increases in the year ending in January versus the year ending in December 2022.

Before seasonal adjustment, the US National Index posted a 0.5% month-over-month decline in January, while both the 10-City and 20-City Composites posted decreases of 0.5% and 0.6%, respectively. After seasonal adjustment, the US National Index posted a month-over-month decline of 0.2%, while both the 10-City and 20-City Composites posted declines of 0.4%.