This release includes prices for 20 individual cities, two composite indices (for 10 cities and 20 cities) and the monthly National index.
From S&P S&P CoreLogic Case-Shiller Index Records 4.2% Annual Gain in August 2024
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census
divisions, reported a 4.2% annual return for August, down from a 4.8% annual gain in the previous
month. The 10-City Composite saw an annual increase of 6.0%, down from a 6.8% annual increase in
the previous month. The 20-City Composite posted a year-over-year increase of 5.2%, dropping from a
5.9% increase in the previous month. New York again reported the highest annual gain among the 20
cities with an 8.1% increase in August, followed by Las Vegas and Chicago with annual increases of
7.3% and 7.2%, respectively. Denver posted the smallest year-over-year growth of 0.7%.
…
The pre-seasonally adjusted U.S. National Index, 20-City Composite, and 10-City Composite upward
trends reversed in August, with a -0.1% drop for the national index, and the 20-City and 10-City
Composites saw -0.3% and -0.4% returns for this month, respectively.After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 0.3%, while
the 20-City and 10-City Composite reported a monthly rise of 0.4% and 0.3%, respectively.“Home price growth is beginning to show signs of strain, recording the slowest annual gain since
mortgage rates peaked in 2023,” says Brian D. Luke, CFA, Head of Commodities, Real & Digital
Assets. “As students went back to school, home price shoppers appeared less willing to push the index
higher than in the summer months. Prices continue to decelerate for the past six months, pushing
appreciation rates below their long-run average of 4.8%. After smoothing for seasonality in the data,
home prices continued to reach all-time highs, for the 15th month in a row.“Regionally, all markets continue to remain positive, barely,” Luke continued. “Denver posted the
slowest annual gain of all markets this year, dropping below Portland for the first time since the spring.
The Northeast remains the best performing region, with the strongest gains for over a year. Currently,
only New York, Las Vegas, and Chicago markets are at an all-time high. Comparing average gains of
traditional red and blue states highlight a slight advantage for home price markets of blue states. With
stronger gains in the Northeast and West than the South, blue states have outperformed red states
dating back to July 2023.”
emphasis added
Click on graph for larger image.
The first graph shows the nominal seasonally adjusted Composite 10, Composite 20 and National indices (the Composite 20 was started in January 2000).
The Composite 10 index was up 0.3% in August (SA). The Composite 20 index was up 0.4% (SA) in August.
The National index was up 0.3% (SA) in August.
The second graph shows the year-over-year change in all three indices.
The Composite 10 SA was up 6.0% year-over-year. The Composite 20 SA was up 5.2% year-over-year.
The National index SA was up 4.2% year-over-year.
Annual price changes were close to expectations. I’ll have more later.