NEW
YORK, Dec. 9, 2022 /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 September 2022 show that home price gains
declined across the United States.
More than 27 years of history are available for the data series and
can be accessed in full by going to
https://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 10.6%
annual gain in September, down from 12.9% in the previous month.
The 10-City Composite annual increase came in at 9.7%, down from
12.1% in the previous month. The 20-City Composite posted a 10.4%
year-over-year gain, down from 13.1% in the previous month.
Miami, Tampa, and Charlotte reported the highest year-over-year
gains among the 20 cities in September. Miami led the way with a 24.6% year-over-year
price increase, followed by Tampa
in second with a 23.8% increase, and Charlotte in third with a 17.8% increase. All
20 cities reported lower price increases in the year ending
September 2022 versus the year ending
August 2022.
MONTH-OVER-MONTH
Before seasonal adjustment, the U.S. National Index posted a
-1.0% month-over-month decrease in September, while the 10-City and
20-City Composites posted decreases of -1.4% and -1.5%,
respectively.
After seasonal adjustment, the U.S. National Index posted a
month-over-month decrease of -0.8%, and the 10-City and 20-City
Composites both posted decreases of -1.2%.
In September, all 20 cities reported declines before and after
seasonal adjustments.
ANALYSIS
"As has been the case for the past several months, our
September 2022 report reflects
short-term declines and medium-term deceleration in housing prices
across the U.S.," says Craig J.
Lazzara, Managing Director at S&P DJI. "For example, the
National Composite Index fell -1.0% in September, and now stands
10.6% above its year-ago level. We see comparable patterns in our
10- and 20-City Composites, which declined -1.4% and -1.5%,
respectively, bringing their year-over-year gains down to 9.7% and
10.4%. For all three composites, year-over-year gains, while still
well above their historical medians, peaked roughly six months ago
and have decelerated since then.
"Despite considerable regional differences, all 20 cities in our
September report reflect these trends of short-term decline and
medium-term deceleration. Prices declined in every city in
September, with a median change of -1.2%. Year-over-year price
gains in all 20 cities were lower in September than they had been
in August.
"The three best-performing cities in August repeated their
performance in September. On a year-over-year basis, Miami (+24.6%) edged Tampa (+23.8%) for the top spot, with
Charlotte (+17.8%) beating
Atlanta (+17.1%) for third place.
The Southeast (+20.8%) and South (+19.9%) were the strongest
regions by far, with gains more than double those of the Northeast,
Midwest, and West; the two worst-performing cities were
San Francisco (+2.3%) and
Seattle (+6.2%).
"As the Federal Reserve continues to move interest rates higher,
mortgage financing continues to be more expensive and housing
becomes less affordable. Given the continuing prospects for a
challenging macroeconomic environment, home prices may well
continue to weaken."
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 %
|
300.41
|
124.2 %
|
62.7 %
|
20-City
|
206.52
|
Jul-06
|
134.07
|
Mar-12
|
-35.1 %
|
306.29
|
128.5 %
|
48.3 %
|
10-City
|
226.29
|
Jun-06
|
146.45
|
Mar-12
|
-35.3 %
|
317.35
|
116.7 %
|
40.2 %
|
Table 2 below summarizes the results for September 2022. The S&P CoreLogic
Case-Shiller Indices could be revised for the prior 24 months,
based on the receipt of additional source data.
|
September
2022
|
September/August
|
August/July
|
1-Year
|
Metropolitan
Area
|
Level
|
Change
(%)
|
Change
(%)
|
Change
(%)
|
Atlanta
|
231.58
|
-0.8 %
|
-0.4 %
|
17.1 %
|
Boston
|
306.40
|
-1.6 %
|
-1.2 %
|
8.8 %
|
Charlotte
|
257.63
|
-1.1 %
|
-0.4 %
|
17.8 %
|
Chicago
|
186.87
|
-0.6 %
|
-0.5 %
|
10.0 %
|
Cleveland
|
174.62
|
-0.7 %
|
-0.1 %
|
10.6 %
|
Dallas
|
294.45
|
-2.1 %
|
-1.9 %
|
16.3 %
|
Denver
|
313.46
|
-2.0 %
|
-2.3 %
|
9.3 %
|
Detroit
|
170.66
|
-1.2 %
|
-0.6 %
|
8.0 %
|
Las Vegas
|
288.87
|
-2.4 %
|
-1.3 %
|
12.9 %
|
Los Angeles
|
397.73
|
-1.8 %
|
-2.3 %
|
8.8 %
|
Miami
|
404.68
|
-1.0 %
|
-0.1 %
|
24.6 %
|
Minneapolis
|
231.69
|
-1.0 %
|
-1.0 %
|
6.5 %
|
New York
|
272.84
|
-0.7 %
|
-0.6 %
|
10.6 %
|
Phoenix
|
328.35
|
-2.2 %
|
-2.2 %
|
12.6 %
|
Portland
|
327.36
|
-1.2 %
|
-2.0 %
|
6.7 %
|
San Diego
|
394.16
|
-2.1 %
|
-2.8 %
|
9.5 %
|
San
Francisco
|
348.34
|
-2.9 %
|
-4.3 %
|
2.3 %
|
Seattle
|
367.37
|
-2.9 %
|
-3.9 %
|
6.2 %
|
Tampa
|
377.37
|
-0.9 %
|
-0.4 %
|
23.8 %
|
Washington
|
300.91
|
-0.9 %
|
-1.5 %
|
6.5 %
|
Composite-10
|
317.35
|
-1.4 %
|
-1.6 %
|
9.7 %
|
Composite-20
|
306.29
|
-1.5 %
|
-1.6 %
|
10.4 %
|
U.S.
National
|
300.41
|
-1.0 %
|
-1.1 %
|
10.6 %
|
Sources: S&P Dow
Jones Indices and CoreLogic
|
|
Data through
September 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
September/August
Change (%)
|
August/July Change
(%)
|
Metropolitan
Area
|
NSA
|
SA
|
NSA
|
SA
|
Atlanta
|
-0.8 %
|
-0.6 %
|
-0.4 %
|
-0.1 %
|
Boston
|
-1.6 %
|
-1.5 %
|
-1.2 %
|
-0.9 %
|
Charlotte
|
-1.1 %
|
-1.0 %
|
-0.4 %
|
-0.1 %
|
Chicago
|
-0.6 %
|
-0.4 %
|
-0.5 %
|
-0.3 %
|
Cleveland
|
-0.7 %
|
-0.3 %
|
-0.1 %
|
0.0 %
|
Dallas
|
-2.1 %
|
-1.7 %
|
-1.9 %
|
-1.7 %
|
Denver
|
-2.0 %
|
-1.3 %
|
-2.3 %
|
-1.7 %
|
Detroit
|
-1.2 %
|
-0.7 %
|
-0.6 %
|
-0.5 %
|
Las Vegas
|
-2.4 %
|
-2.1 %
|
-1.3 %
|
-1.3 %
|
Los Angeles
|
-1.8 %
|
-1.7 %
|
-2.3 %
|
-2.0 %
|
Miami
|
-1.0 %
|
-0.9 %
|
-0.1 %
|
-0.1 %
|
Minneapolis
|
-1.0 %
|
-0.6 %
|
-1.0 %
|
-0.6 %
|
New York
|
-0.7 %
|
-0.9 %
|
-0.6 %
|
-0.3 %
|
Phoenix
|
-2.2 %
|
-2.1 %
|
-2.2 %
|
-2.0 %
|
Portland
|
-1.2 %
|
-0.9 %
|
-2.0 %
|
-1.7 %
|
San Diego
|
-2.1 %
|
-1.6 %
|
-2.8 %
|
-2.4 %
|
San
Francisco
|
-2.9 %
|
-2.2 %
|
-4.3 %
|
-3.7 %
|
Seattle
|
-2.9 %
|
-1.9 %
|
-3.9 %
|
-2.9 %
|
Tampa
|
-0.9 %
|
-1.0 %
|
-0.4 %
|
-0.4 %
|
Washington
|
-0.9 %
|
-0.3 %
|
-1.5 %
|
-1.3 %
|
Composite-10
|
-1.4 %
|
-1.2 %
|
-1.6 %
|
-1.3 %
|
Composite-20
|
-1.5 %
|
-1.2 %
|
-1.6 %
|
-1.3 %
|
U.S.
National
|
-1.0 %
|
-0.8 %
|
-1.1 %
|
-0.9 %
|
Sources: S&P Dow
Jones Indices and CoreLogic
|
|
Data through
September 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
For more information about S&P Dow Jones Indices, please
visit https://www.spglobal.com/spdji/en/.
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delivers real-time commentary and analysis from industry experts
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the United States. Readers and
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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.
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SOURCE S&P Dow Jones Indices