S&P CoreLogic Case-Shiller US Home Price Index Declined Further in August

On Tuesday (10-25-22), the S&P CoreLogic Case-Shiller National Home Price NSA Index was released for August. The Index, which covers all nine US Census divisions, reported that home prices experienced a 13.0% annual gain in August, down from July’s 15.8% annual gain and from a 18.1% gain in June. This is the fifth consecutive monthly decline in home prices.

The 10-City Composite annual increase came in at 12.1% in August, down from July’s 14.9% gain and June’s 17.4% increase. The 20-City Composite posted a 13.1% year-over-year gain in August, down from 16.0% in July and 18.7% in June.

The highest year-over-year gain among the top 20-cities in Miami at 28.6%, followed by Tampa at 28.0% and Charlotte with a 21.3% increase. All 20 cities reported lower price increases in the year ending August 2022 versus the year ending July 2022.

Before seasonal adjustment, the US National Index posted a 1.1% month-over-month decrease in August, while both the 10-City and 20-City Composites posted a decrease of 1.6%. After seasonal adjustment, the US National Index posted a month-over-month decline of 0.9%, and the 10-City and 20-City Composites both posted declines of 1.3%. In August, all 20 cities reported declines before and after seasonal adjustments