The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, which covers all nine U.S. Census divisions, posted a 9.2% annual gain in October, down from 10.7% in the previous month.
The 10-City Composite annual increase came in at 8%, down from 9.6% in the previous month, while the 20-City Composite posted an 8.6% year-over-year gain, down from 10.4% in the previous month.
“October 2022 marked the fourth consecutive month of declining home prices in the U.S.,” says Craig J. Lazzara, managing director at S&P Dow Jones Indices. “For example, the National Composite Index fell -0.5% for the month, reflecting a -3% decline since the market peaked in June 2022.”
Out of the 20 cities included in the report, Miami; Tampa, Florida; and Charlotte, North Carolina, reported the highest year-over-year gains in October. Miami led the way with a 21% year-over-year price increase, followed by Tampa in second with a 20.5% increase, and Charlotte in third with a 15% increase.
According to Lazzara, the Southeast and South were the strongest regions for annual price growth, with gains more than double those of the Northeast, Midwest, and West. The two weakest performers were San Francisco (up only +0.6% year over year) and Seattle (+4.5%).
“Despite considerable regional differences, all 20 cities in our October report reflect these trends of short-term decline and medium-term deceleration,” continues Lazzara. “Prices declined in every city in October, with a median change of -0.9%. Year-over-year price gains in all 20 cities were lower in October than they had been in September; the median year-over-year increase across the 20 cities was 8.3%.”
Before seasonal adjustment, the U.S. National Index posted a -0.5% month-over-month decrease in October, while the 10-City and 20-City Composites posted decreases of -0.7% and -0.8%, respectively. After seasonal adjustment, the U.S. National Index posted a month-over-month decrease of -0.3%, and the 10-City and 20-City Composites both posted decreases of -0.5%. In October, all 20 cities reported declines before and after seasonal adjustments.
