at Calculated Risk on 11/26/2024 09:00:00 AM
S&P/Case-Shiller released the monthly Home Price Indices for September (“September” is a 3-month average of July, August and September closing prices).
This release includes prices for 20 individual cities, two composite indices (for 10 cities and 20 cities) and the monthly National index.
From S&P S&P CoreLogic Case-Shiller Index Records 3.9% Annual Gain in September 2024
The S&P CoreLogic Case-Shiller US National Home Price NSA Index, covering all nine US census divisions, reported a 3.9% annual return for Septemberdown from a 4.3% annual gain in the previous month. The 10-City Composite saw an annual increase of 5.2%, down from a 6.0% annual increase in the previous month. The 20-City Composite posted a year-over-year increase of 4.6%, dropping from a 5.2% increase in the previous month. New York again reported the highest annual gain among the 20 cities with a 7.5% increase in September, followed by Cleveland and Chicago with annual increases of 7.1% and 6.9%, respectively. Denver posted the smallest year-over-year growth with 0.2%.
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The pre-seasonally adjusted US National Index, 20-City Composite, and 10-City Composite upward trends continued to reverse in September, with a -0.1% drop for the national index, and the 20-City and 10-City Composites saw – 0.3% and -0.4% returns for this month, respectively.After seasonal adjustment, the US National Index posted a month-over-month increase of 0.3%, while the 20-City and 10-City Composite reported monthly rises of 0.2% and 0.1%, respectively.
“Home price growth stalled in the third quarter, after a steady start to 2024,” says Brian D. Luke, CFA, Head of Commodities, Real & Digital Assets. “The slight downtick could be attributed to technical factors as the seasonally adjusted figures boasted a 16th consecutive all-time high.
“We continue to see above-trend price growth in the Northeast and Midwest, growing 5.7% and 5.4%, respectively, led by New York, Cleveland, and Chicago,” Luke continued. “The Big Apple has taken the top spot for five consecutive months, pushing the region ahead of all others since August 2023. The South region reported its slowest growth in over a year, rising 2.8%, barely above current inflation levels.”
emphasis added
Click on graph for larger image.
The first graph shows the nominal seasonally adjusted Composite 10, Composite 20 and National indices (the Composite 20 was started in January 2000).
The Composite 10 index was up 0.1% in September (SA). The Composite 20 index was up 0.2% (SA) in September.
The National index was up 0.3% (SA) in September.
The second graph shows the year-over-year change in all three indices.
The Composite 10 SA was up 5.2% year-over-year. The Composite 20 SA was up 4.6% year-over-year.
The National index SA was up 3.9% year-over-year.
Annual price changes were close to expectations. I’ll have more later.