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

On Tuesday (1-31-23), S&P Dow Jones Indices released its 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 7.7% annual gain in November. The increase is down from a 9.2% annual gain in October.

In November, the 10-City Composite annual increase came in at 6.3%, down from 8.0% in October. The 20-city composite posted a 6.8% year-over-year increase, down from 8.6% in October.

Miami, Tampa, and Atlanta reported the highest year-over-year gains among the 20 cities in November. Miami led the way with an 18.4% year-over-year price increase, followed by Tampa in second with a 16.9% increase and Atlanta in third with a 12.7% increase. All 20 cities reported lower price increases in the year ending in November versus the year ending in October.

Before seasonal adjustment, the US National Index posted a 0.6% month-over-month decline in November, while both the 10-City and 20-City Composites posted decreases of 0.7% and 0.8%, 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 both posted declines of 0.5%. In November, all 20 cities reported declines before seasonal adjustments. After seasonal adjustments, 19 cities reported declines, with only Detroit increasing 0.1%.