The S&P CoreLogic Case-Shiller US National Home Price NSA Index recorded its 17th straight new high, with a 3.6% annual return for October. This is down slightly 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, while the 20-City Composite posted a year-over-year increase of 4.2%, dropping from a 4.6% increase in the previous month.
The pre-seasonally adjusted US 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 a -0.1% and -0.2% for the 10-City and 20-City Composites, respectively. After seasonal adjustment, the US National Index posted a month-over-month increase of 0.3% while both the 10-City and 20-City Composite reported monthly rises of 0.3%.
money, 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%.
Brian D. Luke, head of commodities, real and digital assets, observed, “Our National Index hit its 17th consecutive all-time high, and only two markets – Tampa and Cleveland – fell during the past month. 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. Removing the political uncertainly risk has led to an equity market rally; it will be telling should the similar sentiment occur among homeowners.”
Separately, the Federal Housing Finance Agency (FHFA) reported house prices were up 0.4% from September into October and were 4.5% year-over-year higher in October. The 12-month price change was two percentage points lower than it was between October 2022 and October 2023.
“Annual house price gains have been trending down since February, stabilizing around 4.5 percent during the last three months,” said Dr. Anju Vajja, deputy director for FHFA’s Division of Research and Statistics. “Even with elevated house prices and mortgage rates putting continued pressure on affordability, house prices continued to grow at a steady rate, likely due to a historically low inventory of homes for sale.”
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