S&P CoreLogic Case-Shiller Home Price Indices Indices S&P Dow Jones Indices

Table of Content

• S&P CoreLogic Case-Shiller Index Continued Its Deceleration In July
• Month Markers
• Responses to 16 Interactive Case-Shiller Home Price Charts for 20 Metros & USA
• S&P Corelogic Case-Shiller Index Continued to Decline In September
• S&P/Case-Shiller 20-City Composite Home Price Index (SPCS20RNSA)
• United States Case Shiller Home Price Index YoYNovember 2022 Data

All information for an index prior to its Launch Date is hypothetical back-tested, not actual performance, based on the index methodology in effect on the Launch Date. Actual returns may differ significantly from, and be lower than, back-tested returns. Past performance is not an indication or guarantee of future results. This back-tested data may have been created using a “Backward Data Assumption”. For more information on “Backward Data Assumption” and back-testing in general, please see the Performance Disclosure. Case-Shiller numbers are 3-month moving averages so the January number is really the November-January average.

Unfortunately, data on metro-area per capita income are only available on an annual basis so we can’t monitor the current real estate market. The larger the down payment, the smaller the monthly payments which means falling mortgage rates have a smaller impact on the monthly mortgage payment price of a house when down payments are larger. The problem with the graph above is that it assumes there were no down payments and it doesn’t account for taxes and insurance .

S&P CoreLogic Case-Shiller Index Continued Its Deceleration In July

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported an 18.8% annual gain in December, remaining the same from the previous month. The 10-City Composite annual increase came in at 17.0%, up from 16.9% in the previous month. The 20-City Composite posted an 18.6% year-over-year gain, up from 18.3% in the previous month. A broader measure of home prices, the national index, fell by a seasonally adjusted 1.1% in August from July. This is old data from September and pricing is a lagging indicator to begin with.

Annual appreciation slowed in both the 10- and 20-city (non-seasonally adjusted) indices. The annual gain in the 10-city index fell from 12.1% in August to 9.7% in September and for the 20-city composite index from 13.1% to 10.4%. From August to September the national index fell to -0.8%, while the 10- and 20-city indices were down -1.2% and -1.2%, respectively. In addition, average and median house prices are more affected by the mix of houses sold.

Month Markers

Intraday data delayed at least 15 minutes or per exchange requirements. A broader measure of home prices, the U.S. national index, fell by a seasonally adjusted 0.8% in September. To use individual functions (e.g., mark statistics as favourites, set statistic alerts) please log in with your personal account. 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.

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. The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 13.0% annual gain in August, down from 15.6% in the previous month. The 10-City Composite annual increase came in at 12.1%, down from 14.9% in the previous month.

Responses to 16 Interactive Case-Shiller Home Price Charts for 20 Metros & USA

As a Premium user you get access to background information and details about the release of this statistic. As a Premium user you get access to the detailed source references and background information about this statistic. In December, all 20 cities reported increases before and after seasonal adjustments. API GATEWAY Direct access to our data from your apps using any programing language.

The S&P CoreLogic Case-Shiller 20-city home price index in the US increased by 10.4 percent from a year earlier in September 2022, the least since December 2020 and below market forecasts of a 10.8 percent increase. It has been the fifth consecutive deceleration in the growth as demand for housing has been hit by rising borrowing costs, low housing inventory, and stubbornly high inflation. Still, Miami reported the highest gain (24.6 percent), followed by Tampa (23.8 percent), and Charlotte (17.8 percent). On the other hand, San Francisco and Seattle had the weakest gains.

The S&L bubble was centered on commercial real estate but it also affected residential house values in some metros. For more, check out this post, What The 1990s Tell Us About The Next Housing Bust. In addition, the data is a 3-month moving average so that January data that comes out at the end of March is really the average for November-January. Or you could call it a 3-month moving average or a rolling quarterly index. This list includes investable products traded on certain exchanges currently linked to this selection of indices.

It analyses data for single-family properties that have undergone two or more consecutive sales transactions. Additionally, S&P records only arms-length transactions of properties. However, the national home price index calculation considering nine census regions of the U.S. takes place quarterly and gets released on thelast Tuesdayof February, May, August, and November. The rate of year-over-year price increases has sharply slowed since reaching a peak of 21.2% in April. The S&P/Case-Shiller Index, however, is value-weighted, so more expensive houses have a greater influence on estimated price changes.

Real home prices were a bit higher using “CPI-U Less Shelter” as the deflator. For example, using the year 2000 as the baseline, the inflation-adjusted Case Shiller Index for the USA in November 2020 was 151 using CPI-U, and 159 using CPI-U Less Shelter. The idea is that if you’re taking out a mortgage to buy a house, the price of the house is mainly your monthly mortgage payment and the mortgage interest rate has a big impact on your monthly mortgage payment. That is, your mortgage interest rate has a big effect on the price – the monthly mortgage payment price – of your house. For fun, be sure and check out Denver and Portland house prices during the 1990s. House prices in New York and Boston peaked in the late 1980s and house prices in California and Washington DC peaked a bit later, right before the S&L recession started in 1990.

They all dilute the impact of lower mortgage rates on monthly mortgage payments. Table 3 below shows a summary of the monthly changes using the seasonally adjusted and non-seasonally adjusted 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.