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 3.6% Annual Gain in October 2024
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census
divisions, reported a 3.6% annual return for October, down from a 3.9% annual gain in the previous
month. The 10-City Composite saw an annual increase of 4.8%, down from a 5.2% annual increase in
the previous month. The 20-City Composite posted a year-over-year increase of 4.2%, dropping from a
4.6% increase in the previous month. New York again reported the highest annual gain among the 20
cities with a 7.3% increase in October, followed by Chicago and Las Vegas with annual increases of
6.2% and 5.9%, respectively. Tampa posted the smallest year-over-year growth with 0.4%
…
The pre-seasonally adjusted U.S. National Index, 20-City Composite, and 10-City Composite upward
trends continued to reverse in October, with a -0.2% drop for the national index, and the 20-City and
10-City Composites saw -0.2% and -0.1% returns for this month, respectively.After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 0.3%, while
both the 20-City and 10-City Composite reported monthly rises of 0.3%.“New York once again reigns supreme as the fastest-growing housing market with annual returns over
double the national average,” says Brian D. Luke, CFA, Head of Commodities, Real & Digital Assets.
“Two markets have dominated the top ranks with New York leading all markets the past six months and
San Diego the six months prior. New York is the only market sitting at all-time highs and one of just
three markets with gains on the month. Accounting for seasonal adjustments shows a broader rally
across the country.“Our National Index hit its 17th consecutive all-time high, and only two markets – Tampa and Cleveland
– fell during the past month,” Luke continued. “The annual returns continue to post positive inflation-adjusted returns but are falling well short of the annualized gains experienced this decade. Markets in Florida and Arizona are rising, but not keeping up with inflation, and are well off the over 10% gains
annually from 2020 to present. This has allowed other markets to catch up.“With the latest data covering the period prior to the election, our national index has shown continued
improvement,” Luke continued. “Removing the political uncertainly risk has led to an equity market rally;
it will be telling should the similar sentiment occur among homeowners.”
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 October (SA). The Composite 20 index was up 0.3% (SA) in October.
The National index was up 0.3% (SA) in October.
The second graph shows the year-over-year change in all three indices.
The Composite 10 SA was up 4.8% year-over-year. The Composite 20 SA was up 4.2% year-over-year.
The National index SA was up 3.6% year-over-year.
Annual price changes were close to expectations. I’ll have more later.