NEW
YORK, Feb. 27, 2024 /PRNewswire/ -- S&P Dow
Jones Indices (S&P DJI) today released the latest results for
the S&P CoreLogic Case-Shiller Indices, the leading measure of
U.S. home prices. Data released today for December 2023 show that 17 out of the 20 major
metro markets reported month-over-month price decreases. More than
27 years of history are available for the data series and can be
accessed in full by going to
www.spglobal.com/spdji/en/index-family/indicators/sp-corelogic-case-shiller.
YEAR-OVER-YEAR
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA
Index, covering all nine U.S. census divisions, reported a 5.5%
annual gain in December, up from a 5.0% rise in the previous month.
The 10-City Composite showed an increase of 7.0%, up from a 6.3%
increase in the previous month. The 20-City Composite posted a
year-over-year increase of 6.1%, up from a 5.4% increase in the
previous month. San Diego reported
the highest year-over-year gain among the 20 cities with an 8.8%
increase in December, followed by Los
Angeles and Detroit, each
with an 8.3% increase. Portland
showed a 0.3% increase this month, holding the lowest rank after
reporting the smallest year-over-year growth.
MONTH-OVER-MONTH
The U.S. National Index showed a continued decrease of 0.4%,
while the 20-City Composite and 10-City Composite posted 0.3% and
0.2% month-over-month decreases respectively in December.
After seasonal adjustment, the U.S. National Index, the 20-City
Composite, and the 10-City Composite all posted month-over-month
increases of 0.2%.
ANALYSIS
"U.S. home prices faced significant headwinds in the fourth
quarter of 2023," says Brian D.
Luke, Head of Commodities, Real & Digital Assets at
S&P Dow Jones Indices. "However, on a seasonally adjusted
basis, the S&P Case-Shiller Home Price Indices continued its
streak of seven consecutive record highs in 2023. Ten of 20 markets
beat prior records, with San Diego
registering an 8.9% gain and Las
Vegas the fastest rising market in December, after
accounting for seasonal impacts."
"2023 U.S. housing gains haven't followed such a synchronous
pattern since the COVID housing boom. The term 'a rising tide lifts
all boats' seems appropriate given broad-based performance in the
U.S. housing sector. All 20 markets reported yearly gains for the
first time this year, with four markets rising over 8%.
Portland eked out a positive
annual gain after 11 months of declines. Regionally, the Midwest
and Northeast both experienced the greatest annual appreciation
with 6.7%."
"Looking back at the year, 2023 appears to have exceeded average
annual home price gains over the past 35 years. With trend growth
at the national level of 4.7%, a 5.5% return demonstrates solid,
steady growth. While we are not experiencing the double-digit gains
seen in the previous two years, above-trend growth should be well
received considering the rising costs of financing home mortgages.
We previously suggested that the surge in home prices during the
COVID pandemic could have accelerated home ownership temporarily.
The past two years reflect consistent growth slightly above trend,
suggesting a more secular shift in home ownership post pandemic. In
the short term, meanwhile, we should be able to measure the impact
of higher mortgage rates on home prices. Increased financing costs
appeared to precipitate home price declines in the fourth quarter,
as 15 markets saw lower values compared to September."
SUPPORTING DATA
Table 1 below shows the housing boom/bust peaks and troughs for
the three composites along with the current levels and percentage
changes from the peaks and troughs.
|
2006
Peak
|
2012
Trough
|
Current
|
Index
|
Level
|
Date
|
Level
|
Date
|
From Peak
(%)
|
Level
|
From Trough
(%)
|
From Peak
(%)
|
National
|
184.61
|
Jul-06
|
134.00
|
Feb-12
|
-27.4 %
|
310.67
|
131.8 %
|
68.3 %
|
20-City
|
206.52
|
Jul-06
|
134.07
|
Mar-12
|
-35.1 %
|
317.39
|
136.7 %
|
53.7 %
|
10-City
|
226.29
|
Jun-06
|
146.45
|
Mar-12
|
-35.3 %
|
332.85
|
127.3 %
|
47.1 %
|
|
|
|
|
|
|
|
|
|
|
Table 2 below summarizes the results for December 2023. The S&P CoreLogic Case-Shiller
Indices could be revised for the prior 24 months, based on the
receipt of additional source data.
|
December
2023
|
December/November
|
November/October
|
1-Year
|
|
Metropolitan
Area
|
Level
|
Change (%)
|
Change (%)
|
Change (%)
|
|
Atlanta
|
240.90
|
0.0 %
|
-0.3 %
|
6.3 %
|
|
Boston
|
320.15
|
-0.8 %
|
-0.3 %
|
7.2 %
|
|
Charlotte
|
270.80
|
-0.1 %
|
0.2 %
|
8.0 %
|
|
Chicago
|
197.27
|
-0.2 %
|
-0.3 %
|
8.1 %
|
|
Cleveland
|
182.81
|
-0.7 %
|
0.3 %
|
7.4 %
|
|
Dallas
|
290.49
|
-0.7 %
|
-0.6 %
|
2.1 %
|
|
Denver
|
310.31
|
-0.5 %
|
-0.9 %
|
2.3 %
|
|
Detroit
|
180.34
|
-0.7 %
|
-0.5 %
|
8.3 %
|
|
Las Vegas
|
285.14
|
0.2 %
|
0.2 %
|
4.2 %
|
|
Los Angeles
|
421.37
|
0.1 %
|
0.1 %
|
8.3 %
|
|
Miami
|
429.29
|
0.3 %
|
0.3 %
|
7.8 %
|
|
Minneapolis
|
232.00
|
-1.0 %
|
-0.8 %
|
2.9 %
|
|
New York
|
294.15
|
0.0 %
|
0.2 %
|
7.6 %
|
|
Phoenix
|
322.95
|
-0.6 %
|
-0.3 %
|
3.8 %
|
|
Portland
|
315.90
|
-1.0 %
|
-1.0 %
|
0.3 %
|
|
San Diego
|
413.45
|
-0.8 %
|
-0.4 %
|
8.8 %
|
|
San
Francisco
|
341.25
|
-0.9 %
|
-1.1 %
|
3.2 %
|
|
Seattle
|
362.10
|
-0.5 %
|
-1.4 %
|
3.0 %
|
|
Tampa
|
382.11
|
-0.3 %
|
0.1 %
|
4.1 %
|
|
Washington
|
312.42
|
0.0 %
|
-0.3 %
|
5.1 %
|
|
Composite-10
|
332.85
|
-0.2 %
|
-0.1 %
|
7.0 %
|
|
Composite-20
|
317.39
|
-0.3 %
|
-0.2 %
|
6.1 %
|
|
U.S.
National
|
310.67
|
-0.4 %
|
-0.3 %
|
5.5 %
|
|
Sources: S&P Dow
Jones Indices
and CoreLogic
|
|
|
|
|
|
Data through
December 2023
|
|
|
|
Table 3 below shows a summary of the monthly changes using the
seasonally adjusted (SA) and non-seasonally adjusted (NSA) data.
Since its launch in early 2006, the S&P CoreLogic Case-Shiller
Indices have published, and the markets have followed and reported
on, the non-seasonally adjusted data set used in the headline
indices. For analytical purposes, S&P Dow Jones Indices
publishes a seasonally adjusted data set covered in the headline
indices, as well as for the 17 of 20 markets with tiered price
indices and the five condo markets that are tracked.
|
December/November
Change (%)
|
November/October Change
(%)
|
Metropolitan
Area
|
NSA
|
SA
|
NSA
|
SA
|
Atlanta
|
0.0 %
|
0.5 %
|
-0.3 %
|
0.2 %
|
Boston
|
-0.8 %
|
0.0 %
|
-0.3 %
|
0.2 %
|
Charlotte
|
-0.1 %
|
0.6 %
|
0.2 %
|
0.7 %
|
Chicago
|
-0.2 %
|
0.6 %
|
-0.3 %
|
0.5 %
|
Cleveland
|
-0.7 %
|
0.0 %
|
0.3 %
|
0.9 %
|
Dallas
|
-0.7 %
|
0.0 %
|
-0.6 %
|
0.1 %
|
Denver
|
-0.5 %
|
0.1 %
|
-0.9 %
|
-0.3 %
|
Detroit
|
-0.7 %
|
0.0 %
|
-0.5 %
|
0.1 %
|
Las Vegas
|
0.2 %
|
0.8 %
|
0.2 %
|
0.9 %
|
Los Angeles
|
0.1 %
|
0.7 %
|
0.1 %
|
0.5 %
|
Miami
|
0.3 %
|
0.6 %
|
0.3 %
|
0.7 %
|
Minneapolis
|
-1.0 %
|
-0.1 %
|
-0.8 %
|
0.0 %
|
New York
|
0.0 %
|
0.0 %
|
0.2 %
|
0.2 %
|
Phoenix
|
-0.6 %
|
0.2 %
|
-0.3 %
|
0.6 %
|
Portland
|
-1.0 %
|
-0.2 %
|
-1.0 %
|
-0.2 %
|
San Diego
|
-0.8 %
|
-0.1 %
|
-0.4 %
|
0.4 %
|
San
Francisco
|
-0.9 %
|
-0.1 %
|
-1.1 %
|
-0.6 %
|
Seattle
|
-0.5 %
|
0.3 %
|
-1.4 %
|
-0.8 %
|
Tampa
|
-0.3 %
|
0.3 %
|
0.1 %
|
0.5 %
|
Washington
|
0.0 %
|
0.2 %
|
-0.3 %
|
0.1 %
|
Composite-10
|
-0.2 %
|
0.2 %
|
-0.1 %
|
0.3 %
|
Composite-20
|
-0.3 %
|
0.2 %
|
-0.2 %
|
0.2 %
|
U.S.
National
|
-0.4 %
|
0.2 %
|
-0.3 %
|
0.2 %
|
Sources: S&P Dow
Jones Indices and CoreLogic
|
Data through December 2023
|
|
|
|
|
|
|
|
|
|
|
|
For more information about S&P Dow Jones Indices, please
visit www.spglobal.com/spdji.
ABOUT S&P DOW JONES
INDICES
S&P Dow Jones Indices is the largest global resource for
essential index-based concepts, data and research, and home to
iconic financial market indicators, such as the S&P
500® and the Dow Jones Industrial Average®.
More assets are invested in products based on our indices than
products based on indices from any other provider in the world.
Since Charles Dow invented the first
index in 1884, S&P DJI has been innovating and developing
indices across the spectrum of asset classes helping to define the
way investors measure and trade the markets.
S&P Dow Jones Indices is a division of S&P Global (NYSE:
SPGI), which provides essential intelligence for individuals,
companies, and governments to make decisions with confidence. For
more information, visit www.spglobal.com/spdji.
FOR MORE INFORMATION:
April Kabahar
Global Head of Communications
New York, USA
(+1) 212 438 7530
april.kabahar@spglobal.com
S&P Dow Jones Indices' interactive blog, IndexologyBlog.com,
delivers real-time commentary and analysis from industry experts
across S&P Global on a wide-range of topics impacting
residential home prices, homebuilding and mortgage financing in
the United States. Readers and
viewers can visit the blog at www.indexologyblog.com, where
feedback and commentary are welcomed and encouraged.
The S&P CoreLogic Case-Shiller Indices are published on the
last Tuesday of each month at 9:00 am
ET. They are constructed to accurately track the price path
of typical single-family homes located in each metropolitan area
provided. Each index combines matched price pairs for thousands of
individual houses from the available universe of arms-length sales
data. The S&P CoreLogic Case-Shiller U.S. National Home Price
Index tracks the value of single-family housing within the United States. The index is a composite of
single-family home price indices for the nine U.S. Census divisions
and is calculated quarterly. The S&P CoreLogic Case-Shiller
10-City Composite Home Price Index is a value-weighted average of
the 10 original metro area indices. The S&P CoreLogic
Case-Shiller 20-City Composite Home Price Index is a value-weighted
average of the 20 metro area indices. The indices have a base value
of 100 in January 2000; thus, for
example, a current index value of 150 translates to a 50%
appreciation rate since January 2000
for a typical home located within the subject market.
These indices are generated and published under agreements
between S&P Dow Jones Indices and CoreLogic, Inc.
The S&P CoreLogic Case-Shiller Indices are produced by
CoreLogic, Inc. In addition to the S&P CoreLogic Case-Shiller
Indices, CoreLogic also offers home price index sets covering
thousands of zip codes, counties, metro areas, and state markets.
The indices, published by S&P Dow Jones Indices, represent just
a small subset of the broader data available through CoreLogic.
Case-Shiller® and CoreLogic® are
trademarks of CoreLogic Case-Shiller, LLC or its affiliates or
subsidiaries ("CoreLogic") and have been licensed for use by
S&P Dow Jones Indices. None of the financial products based on
indices produced by CoreLogic or its predecessors in interest are
sponsored, sold, or promoted by CoreLogic, and neither CoreLogic
nor any of its affiliates, subsidiaries, or predecessors in
interest makes any representation regarding the advisability of
investing in such products.
View original
content:https://www.prnewswire.com/news-releases/sp-corelogic-case-shiller-index-reports-5-5-annual-home-price-gain-for-calendar-2023--302072989.html
SOURCE S&P Dow Jones Indices