Two new housing data reports affirmed home pricing began 2024 on the rise.
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 6.0% annual gain in January, up from a 5.6% rise in the previous month. The 10-City Composite showed an increase of 7.4%, up from a 7.0% increase in the previous month. The 20-City Composite posted a year-over-year increase of 6.6%, up from a 6.2% increase in the previous month.
San Diego reported the highest year-over-year gain among the 20 cities with an 11.2% increase in January, while Portland recorded the smallest year-over-year growth with a 0.9% uptick during January.
The U.S. National Index and the 20-City Composite showed a continued decrease of 0.1%, and 10-City Composite remained unchanged in January. After the seasonal adjustment, the U.S. National Index, the 20-City Composite, and the 10-City Composite all posted month-over-month increases of 0.4%, 0.1%, and 0.2% respectively.
“U.S. home prices continued their drive higher,” says Brian D. Luke, head of commodities, real and digital Assets at S&P Dow Jones Indices, who noted that despite “a large disparity between leaders such as San Diego versus laggards such as with Portland, the broad market performance is tightly bunched up. This is also true of high and low tiers. The average annual gains between high and low tiers across cities tracked by the indices is just 1.1%. Low price tiered indices have outperformed high priced indices for 17 months. Homeowners most likely saw healthy gains in the last year, no matter what city you were in, or if it was in an expensive or inexpensive neighborhood. No matter which way you slice it, the index performance closely resembled the broad market.”
Separately, the Federal Housing Finance Agency reported home prices in January prices were up 6.3% from one year earlier. On a month-over-month measurement, prices dipped by a scant 0.1%.
“U.S. house prices declined slightly in January, marking the first decrease since August 2022,” said Dr. Anju Vajja, deputy director for FHFA’s Division of Research and Statistics. “However, the year-over-year house price growth remained near the historical average.”
;
