S&P CoreLogic Case-Shiller US Home Price Index Posts Month-Over-Month Gain in June

On Tuesday (8-29-23), S&P Dow Jones Indices released its S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index for June. The Index, which covers all nine US Census divisions, shows all 20 major metro markets reported month-over-month increases. This marks the fourth consecutive month of growth.

Year-over-year, the Index showed no change in June, up from a loss of 0.4% in May. Year-over-year, the 10-City Composite posted a 0.5% decline, an improvement from the 1.1% decline in May. The 20-City Composite posted a 1.2% year-over-year loss, up from a decrease of 1.7% in the previous month.

Chicago, Cleveland, and New York again led the way with the highest year-over-year gains among the 20 cities in June. Chicago led the way with a 4.2% year-over-year price increase, while Cleveland came in at number two with a 4.1% increase, and New York remained in third place with a 3.4% increase. There was an even split of 10 cities reporting lower prices and those reporting higher prices in the year ending in June compared to the year ending in May. Thirteen cities reported price acceleration relative to the previous month of May.

Before seasonal adjustment, the US National Index posted a 0.9.% month-over-month increase in June, while both the 10-City and 20-City Composites posted like increases of 0.9%. After seasonal adjustment, the US National Index posted a month-over-month increase of 0.7%, while the 10-City and 20-city composites both posted 0.9% gains.