House Price Appreciation Up Annually, Trending Down Monthly

Annual home price appreciation continued its upward trend in January, though signs of moderation are shining through on a monthly basis. Prices were up 6% YOY, an increase from December’s 5.6% gain and the fastest annual rate since 2022, according to the S&P CoreLogic Case-Shiller National Home Price NSA Index.  San Diego once again reported the highest annual gains at 11.2%, followed by Los Angeles with an 8.6% increase. Portland showed a 0.9% increase, the smallest YOY growth. This is the second straight month of price growth in every city analyzed, putting U.S. home prices at a new all-time high, breaking every record set last year. “While there is a large disparity between leaders such as San Diego versus laggards…

Home Prices Ended 9-Month Upward Streak In November

Home prices slipped in November, breaking a nine-month streak of gains, but were up year-over-year. Prices were down 0.2% month-over-month from the month prior, according to the S&P CoreLogic Case-Shiller National Home Price NSA Index. This was the first monthly dip since January 2023. This was partly the result of mortgage rates spiking to peaks of nearly 8% in October 2023, driving demand down and forcing sellers to adjust their profit expectations. “The house price decline came at a time when mortgage rates peaked, with the average Freddie Mac 30-year fixed rate mortgage nearing 8%, according to Federal Reserve data. The rate has since fallen over 1%, which could support further annual gains in home prices,” Brian D. Luke, Head…

Home Prices Soar For Eighth Straight Month

Home prices hit another record high in September as stock shortages spurred competition for well-priced homes. Year-over-year, prices rose 3.8%, up from 2.5% in August, according to the S&P CoreLogic Case-Shiller National Home Price NSA Index. Prices were up 0.3% month-over-month before seasonal adjustment and 0.7% after. This is the eight straight month of increases. Prices were up month-over-month in 15 of 20 cities, and both the 10- and 20-city composites analyzed saw prices exceed both their year-ago and January levels.  The National Composite surpassed its previous record high with this data, and ten individual cities hit record-breaking prices. “On a year-to-date basis, the National Composite has risen 6.1%, which is well above the median full calendar year increase in…

Home Prices Spiked Again In August

Data released today shows home price gains improved in August both annually and month-over-month. Year-over-year, prices rose 2.6%, up from 1% in July, according to the S&P CoreLogic Case-Shiller National Home Price NSA Index. Prices were up 0.4% month-over-month before seasonal adjustment and 0.9% after. This is the seventh consecutive month of increases. Home prices are now at all-time highs in the two composites and seven stand-alone cities, and prices rose in 19 of 20 cities after seasonal adjustment (13 of them before adjustment, as well). The National Composite surpassed its previous record high with this data. Craig Lazzara, managing director at S&P DJI, noted that regional differences remain “substantial.” “On a year-over-year basis, the three best-performing metropolitan areas in…

Home Prices Heat Up

Data released today shows annual home price gains were stagnant in June but continue heating up in the short term, with month-over-month prices rising. Year-over-year, prices remained unchanged after slipping 0.4% the prior month, according to the S&P CoreLogic Case-Shiller National Home Price NSA Index. Prices were up 0.9% month-over-month before seasonal adjustment and 0.7% after. This is the fifth consecutive month of increases. Home prices are now at all-time highs in half the cities analyzed, and the National Composite sits just 0.2% below its all-time high from last year. Craig J. Lazzara, managing director at S&P DJI, noted that regional differences remain “striking.” The West Coast hubs that saw a huge migration during the pandemic performed the worst (-5.9%).…

Home Prices Slipped YoY But Rise Monthly

Data released today shows national home prices slipped year-over-year in May but continue heating up in the short term, with month-over-month prices rising. Year-over-year, prices fell by 0.5%, down from -0.1% the prior month, according to the S&P CoreLogic Case-Shiller National Home Price NSA Index. The 20-City Composite posted a -1.7% year-over-year decline, unchanged from the month prior, as home prices have recently seen a boost. Craig J. Lazzara, managing director at S&P DJI, noted that regional differences are still “striking,” with the West Coast hubs that saw huge migration during the pandemic having the weakest growth. The Southeast (+2.1%) continues to see strong growth, though this month its top-performer crown was stolen by the Midwest (+2.7%). Looking at cities,…

Home Price Declines May Be Over

Data released today shows a modest increase in home prices took place in March, signaling that home price declines may be over. Year-over-year, prices increased by 0.7%, down from 2.1% in the prior month, according to the S&P CoreLogic Case-Shiller National Home Price NSA Index. The 20-City Composite posted a -1.1% year-over-year decline, down from a 0.4% gain in the previous month. “The modest increases in home prices we saw a month ago accelerated in March 2023,” Craig J. Lazzara, managing director at S&P DJI, said. “Two months of increasing prices do not a definitive recovery make, but March’s results suggest that the decline in home prices that began in June 2022 may have come to an end.” Lazzara added…

Home Prices Moderated In February

Data released today shows a modest increase in home prices took place in February. Year-over-year, prices increased by 2%, down from 3.7% in the previous month, according to the S&P CoreLogic Case-Shiller National Home Price NSA Index. The 20-City Composite posted a 0.4% year-over-year gain, down from 2.6% in the previous month. “February’s results were most interesting because of their stark regional differences… It’s unsurprising that the Southeast (+7.8%) remains the country’s strongest region, while the West (-4.2%) continues as the weakest,” noted Craig J. Lazzara, Managing Director at S&P DJI. West Coast hubs that saw huge migration during the pandemic remained negative YOY in February, with San Francisco, Seattle, San Diego, and Portland all experiencing declines. Southern cities continued…

Former Hotspots Saw Home Price Deceleration In January

Former homebuyer hotspots in the U.S. saw home prices fall in January as the market corrects. The S&P CoreLogic Case-Shiller National Home Price NSA Index saw home prices decelerate for another month, posting a 3.8% annual gain in January, down from 5.6% in the previous month. Craig J. Lazzara, Managing Director at S&P DJI, said the data marked the seventh straight month of YOY decreases. West Coast hubs that saw huge migration during the pandemic saw their gains go negative YOY in January. The West overall saw prices decline by 1.5%. San Francisco clocked in a 7.6% drop YOY, the biggest by far, followed by Seattle with a 5.1% decrease. Southern cities continued to see gains, with Miami, Tampa, and…

Home Prices Kept Dropping In December

Home price appreciation continued to cool in December, with some markets seeing declining prices, according to new data. The S&P CoreLogic Case-Shiller National Home Price NSA Index saw home prices decelerate, posting a 5.8% annual gain in December, down from 7.6% in the previous month. Craig J. Lazzara, Managing Director at S&P DJI, said the data marked the sixth straight month of YOY decreases. Southern cities continued to see gains, with Miami, Tampa, and Atlanta all recording 10%+ increases despite the cooldown in other metros.  Pricey Western metros saw YOY prices fall, with San Francisco clocking in a 4.2% drop. Month-over-month prices fell in all twenty cities analyzed, however, with a median decline of -1.1%. “The prospect of stable, or…