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== House Price Developments ==
== House Price Developments ==
Historical: [[Case-Shiller Home Price Index: 2023]]


=== Historical: [[Case-Shiller Home Price Index: 2023]] ===
The S&P CoreLogic Case-Shiller Home Price Indices are based on observed changes in home prices. They are designed to measure increases or decreases in the market value of residential real estate in 20 defined MSAs and three price tiers – low, middle, and high (see Tables 1 and 1a on the following pages). In contrast, the indices are, specifically, not intended to measure recovery costs after disasters, construction or repair costs, or other such related items.
The S&P CoreLogic Case-Shiller Home Price Indices are based on observed changes in home prices. They are designed to measure increases or decreases in the market value of residential real estate in 20 defined MSAs and three price tiers – low, middle, and high (see Tables 1 and 1a on the following pages). In contrast, the indices are, specifically, not intended to measure recovery costs after disasters, construction or repair costs, or other such related items.


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!M/M
!M/M
!Y/Y
!Y/Y
|-
|2024-02-01
|312.18
|0.59
|6.38
|319.95
|0.92
|7.29
|336.00
|0.98
|8.04
|-
|-
|2024-01-01
|2024-01-01
|310.46
|310.36
| -0.10
| -0.11
|6.03
|5.99
|317.07
|317.03
| -0.11
| -0.11
|6.59
|6.58
|332.78
|332.73
| -0.04
| -0.03
|7.37
|7.36
|-
|-
|2023-12-01
|2023-12-01
|310.76
|310.71
|  -0.38
|  -0.39
|5.58
|5.56
|317.42
|317.37
|  -0.30
|  -0.31
|6.15
|6.14
|332.90
|332.83
|  -0.21
|  -0.22
|6.99
|6.97
|-
|-
|2023-11-01
|2023-11-01
|311.94
|311.92
|  -0.27
|5.07
|318.35
|  -0.26
|  -0.26
|5.08
|5.44
|318.37
|333.56
|  -0.25
|  -0.14
|5.45
|6.32
|333.59
|  -0.12
|6.33
|-
|-
|2023-10-01
|2023-10-01
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|0.12
|0.12
|4.72
|4.72
|319.16
|319.17
|0.12
|0.12
|4.92
|4.92
|334.00
|334.01
|0.21
|0.21
|5.81
|5.81
Line 880: Line 891:
|0.28
|0.28
|3.98
|3.98
|318.79
|318.80
|0.25
|0.25
|3.97
|3.97
|333.31
|333.32
|0.34
|0.34
|4.86
|4.86
|-
|-
|2023-08-01
|2023-08-01
|311.54
|311.53
|0.44
|0.44
|2.60
|2.60
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|332.19
|332.19
|0.40
|0.40
|3.04
|3.05
|-
|-
|2023-07-01
|2023-07-01
|310.16
|310.16
|0.61
|0.61
|1.00
|1.01
|316.84
|316.84
|0.60
|0.61
|0.17
|0.17
|330.85
|330.86
|0.64
|0.64
|1.00
|1.00
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|0.96
|0.96
| 0.01
| 0.01
|314.93
|314.92
|0.95
|0.94
|  -1.19
|  -1.19
|328.75
|328.74
|0.94
|0.94
|  -0.49
|  -0.49
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|  -0.36
|  -0.36
|311.98
|311.98
|1.42
|1.41
|  -1.72
|  -1.72
|325.68
|325.68
|1.42
|1.41
|  -1.05
|  -1.05
|-
|-
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|301.47
|301.47
|1.39
|1.39
|  -0.07
|  -0.06
|307.62
|307.64
|1.62
|1.62
|  -1.64
|  -1.63
|321.13
|321.15
|1.65
|1.64
|  -1.09
|  -1.08
|-
|-
|2023-03-01
|2023-03-01
|297.33
|297.34
|1.32
|1.32
|0.78
|0.79
|302.72
|302.75
|1.52
|1.52
|  -1.01
|  -1.00
|315.92
|315.96
|1.59
|1.59
|  -0.57
|  -0.56
|-
|-
|2023-02-01
|2023-02-01
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|0.22
|0.22
|2.18
|2.18
|298.19
|298.20
|0.25
|0.25
|0.53
|0.54
|310.99
|311.01
|0.34
|0.35
|0.68
|0.69
|-
|-
|2023-01-01
|2023-01-01
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|-
|-
|2022-12-01
|2022-12-01
|294.39
|294.35
|  -0.85
|  -0.85
|5.66
|5.65
|299.06
|299.02
|  -0.95
|  -0.96
|4.78
|4.76
|311.21
|311.15
|  -0.81
|  -0.82
|4.62
|4.60
|-
|-
|2022-11-01
|2022-11-01
|296.90
|296.86
|  -0.60
|  -0.61
|7.56
|7.55
|301.94
|301.93
|  -0.74
|  -0.75
|6.93
|6.93
|313.74
|313.72
|  -0.61
|  -0.62
|6.55
|6.54
|-
|-
|2022-10-01
|2022-10-01
|298.71
|298.67
|  -0.59
|  -0.59
|9.15
|9.14
|304.19
|304.20
|  -0.79
|  -0.79
|8.76
|8.77
|315.66
|315.67
|  -0.69
|  -0.69
|8.17
|8.18
|-
|-
|2022-09-01
|2022-09-01
|300.48
|300.45
|  -1.05
|  -1.05
|10.69
|10.68
|306.62
|306.63
|  -1.47
|  -1.47
|10.54
|10.55
|317.86
|317.87
|  -1.40
|  -1.40
|9.82
|9.83
|-
|-
|2022-08-01
|2022-08-01
|303.66
|303.63
|  -1.12
|  -1.12
|12.97
|12.96
|311.19
|311.19
|  -1.61
|  -1.61
|13.16
|13.16
|322.36
|322.37
|  -1.59
|  -1.59
|12.25
|12.25
|-
|-
|2022-07-01
|2022-07-01
|307.11
|307.07
|  -0.38
|  -0.38
|15.66
|15.65
|316.29
|316.30
|  -0.76
|  -0.76
|16.06
|16.06
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|-
|-
|2022-06-01
|2022-06-01
|308.27
|308.23
|0.59
|0.59
|18.02
|18.01
|318.72
|318.72
|0.41
|0.41
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|-
|-
|2022-05-01
|2022-05-01
|306.47
|306.43
|1.58
|1.58
|19.97
|19.95
|317.43
|317.43
|1.50
|1.50
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|-
|-
|2022-04-01
|2022-04-01
|301.69
|301.66
|2.25
|2.25
|20.75
|20.74
|312.75
|312.75
|2.27
|2.27
|21.29
|21.29
|324.66
|324.66
|2.17
|2.18
|19.75
|19.75
|-
|-
|2022-03-01
|2022-03-01
|295.04
|295.01
|2.72
|2.72
|20.80
|20.79
|305.80
|305.80
|3.10
|3.10
|21.23
|21.23
|317.75
|317.74
|2.87
|2.87
|19.60
|19.60
|-
|-
|2022-02-01
|2022-02-01
|287.22
|287.20
|1.86
|1.85
|20.06
|20.05
|296.62
|296.61
|2.46
|2.46
|20.31
|20.31
|308.88
|308.87
|2.42
|2.42
|18.75
|18.74
|-
|-
|2022-01-01
|2022-01-01
|281.99
|281.98
|1.21
|1.21
|19.26
|19.25
|289.50
|289.49
|1.43
|1.42
|18.99
|18.99
|301.59
|301.58
|1.39
|1.39
|17.39
|17.39
|-
|-
|2021-12-01
|2021-12-01
|279
|278.60
|0.94
|0.93
|18.88
|18.87
|285.43
|285.43
|1.08
|1.08
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|11.03
|11.03
|}
|}
=== December 2022 ===
* The S&P/Case-Shiller Home Price Index in the United States decreased 0.9% month-over-month in December of 2022, marking a sixth consecutive month of declines in house prices. However YoY, is still positive at 4.6%.<ref name=":2">https://tradingeconomics.com/united-states/case-shiller-home-price-index-yoy</ref>


=== January 2023 ===
=== January 2023 ===
Home prices in February jumped 6.4% year over year, another increase after the prior month’s annual gain of 6%, according to the S&P CoreLogic Case-Shiller national home price index released Tuesday. It was the fastest rate of price growth since November 2022.


* The S&P CoreLogic Case-Shiller price index in the US rose 2.5% year-on-year in January of 2023, the smallest increase since November of 2019, following a 4.6% rise in December<ref name=":2" />
The 10-city composite rose 8%, up from a 7.4% increase in the previous month. The 20-city composite saw an annual gain of 7.3%, up from a 6.6% advance in January.<ref>https://www.spglobal.com/spdji/en/index-announcements/article/sp-corelogic-case-shiller-index-s-upward-trend-persists-in-february-2024/</ref>
* The S&P CoreLogic Case-Shiller price index in the US declined 0.6% month-over-month in January of 2023, a seventh consecutive decline. <ref name=":3">https://tradingeconomics.com/united-states/case-shiller-home-price-index-mom</ref>
 
=== February 2023<ref name=":4" /> ===
 
* The S&P CoreLogic Case-Shiller rose a non-seasonally adjusted 0.2% month-over-month in February of 2023
* The S&P CoreLogic Case-Shiller edged up 0.4% yoy in February 2023, the smallest increase since 2012, compared to a 2.6% rise in January, and market forecasts of a flat reading.
* Mortgage financing and the prospect of economic weakness are likely to remain a headwind for housing prices for at least the next several months. <ref name=":4">https://tradingeconomics.com/united-states/case-shiller-home-price-index-yoy</ref>
 
=== March 2023 ===
Steep competition in the housing market and low supply are heating up home prices again. Before seasonal adjustment, prices rose in all 20 cities in March (versus in 12 in February), and in all 20 price gains accelerated between February and March.<ref>https://www.cnbc.com/2023/05/30/home-price-declines-may-be-over-sp-case-shiller-says.html</ref>
 
* The non-seasonally adjusted S&P CoreLogic Case-Shiller home price index in the United States increased 1.5% month-over-month in March of 2023, the most since May of 2022, and following an upwardly revised 0.3% rise in February.<ref name=":3" />
* The S&P CoreLogic Case-Shiller  home price index in the US fell 1.1% yoy in March 2023, the first decline since May 2012, and compared to forecasts of a 1.6% drop.<ref name=":4" />
 
=== April 2023 ===
“If I were trying to make a case that the decline in home prices that began in June 2022 had definitively ended in January 2023, April’s data would bolster my argument. Whether we see further support for that view in coming months will depend on the how well the market navigates the challenges posed by current mortgage rates and the continuing possibility of economic weakness”, says Craig J. Lazzara, Managing Director at S&P DJI.
 
* The S&P CoreLogic Case-Shiller 20-city home price index in the US increased 1.7% month-over-month in April of 2023, marking a third consecutive month of rising prices, a sign the housing market continued to strengthen. <ref name=":3" />
* The S&P CoreLogic Case-Shiller 20-city home price index in the US fell 1.7% yoy in April 2023, the biggest decline since April 2012, and compared to forecasts of a 2.6% drop.
 
=== May 2023 ===
The rally in U.S. home prices continued in May 2023,” says Craig J. Lazzara, Managing Director at S&P DJI. “Our National Composite rose by 1.2% in May, and now stands only 1.0% below its June 2022 peak. The 10- and 20-City Composites also rose in May, in both cases by 1.5%. “The ongoing recovery in home prices is broadly based. Before seasonal adjustment, prices rose in all 20 cities in May (as they had also done in March and April). Seasonally adjusted data showed rising prices in 19 cities in May, repeating April’s performance. (The outlier is Phoenix, down 0.1% in both months.) On a trailing 12-month basis, the National Composite is 0.5% below its May 2022 level, with the 10- and 20-City Composites also negative on a year-over-year basis.<ref>https://www.spglobal.com/spdji/en/documents/indexnews/announcements/20230725-1465262/1465262_cshomeprice-release-0725.pdf</ref>
 
* Before seasonal adjustment, the U.S. '''National Index posted a 1.2% month-over-month increase in May''', while the 10-City and 20-City Composites both posted increases of 1.5%. After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 0.7%, while the 10-City Composite gained 1.1% and 20-City Composites posted an increase of 1.0%.
* The S&P CoreLogic Case-Shiller U.S. '''National Home Price NSA Index, reported a -0.5% annual decrease in May''', down from a loss of -0.1% in the previous month. The 10-City Composite showed a decrease of -1.0%, which is a tick up from the -1.1% decrease in the previous month. The 20-City Composite posted a -1.7% year-over-year loss, same as in the previous month.
 
=== June 2023 ===
“June is the fifth consecutive month in which home prices have increased across the U.S. With 2023 half over, the National Composite has risen 4.7%, which is slightly above the median full calendar year increase in more than 35 years of data. We recognize that the market’s gains could be truncated by increases in mortgage rates or by general economic weakness, but the breadth and strength of this month’s report are consistent with an optimistic view of future results.”<ref>https://www.spglobal.com/spdji/en/documents/indexnews/announcements/20230829-1465822/1465822_cshomeprice-release-0829.pdf</ref>
 
* Before seasonal adjustment, the U.S. '''National Index posted a 0.9% month-over-month increase in June''', while the 10-City and 20-City Composites also posted like increases of 0.9%. After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 0.7%, while the 10-City and 20-City Composites both posted increases of 0.9%.
* The S&P CoreLogic Case-Shiller U.S. '''National Home Price NSA Index, covering all nine U.S. census divisions, reported 0.0% annual change in June, up from a loss of -0.4% in the previous mont'''h. The 10- City Composite showed a decrease of -0.5%, which is an improvement on the -1.1% decrease in the previous month. The 20-City Composite posted a year-over-year loss of -1.2%, up from -1.7% in the previous month.
* Regional differences continue to be striking. On a year-over-year basis, June’s three best-performing cities were Chicago (+4.2%), Cleveland (+4.1%), and New York (+3.4%).  At the other end of the scale, the worst performers continue to be in the Pacific and Mountain time zones, with San Francisco (-9.7%) and Seattle (-8.8%) at the bottom. The Midwest (+2.8%) continues as the nation’s strongest region, followed this month by the Northeast (+1.6%). The West (-5.9%) remains the weakest region.
 
=== July 2023 ===
<blockquote>"We have previously noted that home prices peaked in June 2022 and fell through January of 2023, declining by 5.0% in those seven months. The increase in prices that began in January has now erased the earlier decline, so that July represents a new all-time high for the National Composite. Moreover, this recovery in home prices is broadly based. As was the case last month, 10 of the 20 cities in our sample have reached all-time high levels. In July, prices rose in all 20 cities after seasonal adjustment (and in 19 of them before adjustment).</blockquote>
* '''Before seasonal adjustment, the U.S. National Index,10-City and 20-City Composites, all posted a 0.6% month-over-month increase in July.''' After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 0.6%, while the 10-City posted a  0.8% increase and 20-City Composite a 0.9% increase.
* The S&P CoreLogic Case-Shiller '''U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported 1.0% annual change in July, up from a 0% change in the previous month.''' The 10-City Composite showed an increase of 0.9%, which improves from a -0.5% loss in the previous month. The 20-City Composite posted a year-over-year increase of 0.1%, improving from a loss of -1.2% in the previous month.
* For this month, 8 of 20 cities reported lower prices and 12 of 20 reported higher prices in the year ending July 2023 versus the year ending June 2023. 18 out of the 20 cities, show a positive trend in price acceleration compared to their prior month.
 
=== August 2023 ===
<blockquote>“U.S. home prices continued to rise in August 2023,” says Craig J. Lazzara, Managing Director at S&P DJI. “Our National Composite rose by 0.4% in August, which marks the seventh consecutive monthly gain since prices bottomed in January 2023. The Composite now stands 2.6% above its year-ago level and 6.4% above its January level. Our 10- and 20-City Composites each also rose in August, and likewise currently exceed their year-ago and January levels.
 
“One measure of the strength of the housing market is the relationship of current prices to their historical levels. On that dimension, it’s worth noting that the National Composite, the 10-City Composite, and seven individual cities (Atlanta, Boston, Charlotte, Chicago, Detroit, Miami, and New York) stand at their all-time highs. Observing the breadth of price changes provides insight into another dimension of market health. On a seasonally adjusted basis, prices increased in 19 of 20 cities in August (and Cleveland only missed by a whisker); before seasonal adjustments, prices rose in 13 cities.</blockquote>
 
* Before seasonal adjustment, the U.S. National Index,10-City and 20-City Composites, all posted a 0.4% month-over-month increase in August.  After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 0.9%, while the 10-City and 20-City Composites posted a 1.0% increase each.<ref>https://www.spglobal.com/spdji/en/index-announcements/article/sp-corelogic-case-shiller-index-continues-to-trend-upward-in-august/</ref>
* The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 2.6% annual change in August, up from a 1.0% change in the previous month. The 10-City Composite showed an increase of 3.0%, up from a 1.0% increase in the previous month. The 20-City Composite posted a year-over-year increase of 2.2%, a slight increase of 0.2% in the previous month.
* For this month, seven of 20 cities reported lower prices. Twelve of the 20 cities reported higher prices in the year ending August 2023 versus the year ending July 2023. Nineteen of the 20 cities show a positive trend in year-over-year price acceleration compared to the prior month.
 
=== September 2023 ===
<blockquote>“On a year-to-date basis, the National Composite has risen 6.1%, which is well above the median full calendar year increase in more than 35 years of data. Although this year’s increase in mortgage rates has surely suppressed the quantity of homes sold, the relative shortage of inventory for sale has been a solid support for prices. Unless higher rates or exogenous events lead to general economic weakness, the breadth and strength of this month’s report are consistent with an optimistic view of future results.”</blockquote>
 
* The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 3.9% annual change in September, up from a 2.5% change in the previous month.<ref>https://www.spglobal.com/spdji/en/documents/indexnews/announcements/20231128-1467726/1467726_cshomeprice-release-1128.pdf</ref>
* The 10-City Composite showed an increase of 4.8%, up from a 3.0% increase in the previous month. The 20-City Composite posted a year-over-year increase of 3.9%, up from a 2.1% increase in the previous month.
* Before seasonal adjustment, the U.S. National Index,10-City and 20-City Composites, all posted 0.3% month-over-month increases in September, while the 10-City and 20-City composites posted 0.3% and 0.2% increases, respectively
 
=== October 2023 ===
<blockquote>"U.S. home prices accelerated at their fastest annual rate of the year in October”, says Brian D. Luke, Head of Commodities, Real & Digital assets at S&P DJI. Our National Composite rose by 0.2% in October, marking nine consecutive monthly gains and the strongest national growth rate since 2022.”<ref>https://www.spglobal.com/spdji/en/documents/indexnews/announcements/20231226-1469868/1469868_cshomeprice-release-1226.pdf</ref></blockquote>
 
* The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 4.8% annual change in October, up from a 4% change in the previous month. The 10-City Composite showed an increase of 5.7%, up from a 4.8% increase in the previous month. The 20-City Composite posted a year-over-year increase of 4.9%, up from a 3.9% increase in the previous month.
 
=== November 2023 ===
For the first time since January 2023, the U.S. National Index posted 0.2% month-over-month decreases in November, But After seasonal adjustment, the U.S. National Indestill increased 0.2 m/m. And the U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 5.1% annual gain in November, up from a 4.7% rise in the previous month.<ref>https://www.spglobal.com/spdji/en/index-announcements/article/sp-corelogic-case-shiller-index-upward-trend-decelerates-in-november/</ref>


=== December 2023 ===
=== December 2023 ===
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