S&P CORELOGIC CASE-SHILLER INDEX CONTINUED TO DECLINE IN SEPTEMBER
S&P Dow Jones Indices released the S&P CoreLogic Case-Shiller Indices for September 2022, indicating a slowdown in U.S. home price gains. The National Home Price Index reported a 10.6% annual gain, down from 12.9% in August. The 10-City Composite and 20-City Composite also saw declines in their annual gains, at 9.7% and 10.4% respectively. Month-over-month, the U.S. National Index fell 1.0%, with declines evident across all 20 cities. Miami, Tampa, and Charlotte led in year-over-year gains, while rising interest rates may further weaken home prices.
- Miami reported the highest year-over-year price increase at 24.6%.
- The Southeast region showed significant strength with a 20.8% gain.
- U.S. National Home Price Index declined 1.0% month-over-month.
- Annual home price gains decreased from 12.9% to 10.6%.
NEW YORK, Dec. 9, 2022 /PRNewswire/ -- S&P Dow Jones Indices (S&P DJI) today released the latest results for the S&P CoreLogic Case-Shiller Indices, the leading measure of U.S. home prices. Data released today for September 2022 show that home price gains declined across the United States. More than 27 years of history are available for the data series and can be accessed in full by going to https://www.spglobal.com/spdji/en/index-family/indicators/sp-corelogic-case-shiller/.
YEAR-OVER-YEAR
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a
Miami, Tampa, and Charlotte reported the highest year-over-year gains among the 20 cities in September. Miami led the way with a
MONTH-OVER-MONTH
Before seasonal adjustment, the U.S. National Index posted a -
After seasonal adjustment, the U.S. National Index posted a month-over-month decrease of -
In September, all 20 cities reported declines before and after seasonal adjustments.
ANALYSIS
"As has been the case for the past several months, our September 2022 report reflects short-term declines and medium-term deceleration in housing prices across the U.S.," says Craig J. Lazzara, Managing Director at S&P DJI. "For example, the National Composite Index fell -
"Despite considerable regional differences, all 20 cities in our September report reflect these trends of short-term decline and medium-term deceleration. Prices declined in every city in September, with a median change of -
"The three best-performing cities in August repeated their performance in September. On a year-over-year basis, Miami (+
"As the Federal Reserve continues to move interest rates higher, mortgage financing continues to be more expensive and housing becomes less affordable. Given the continuing prospects for a challenging macroeconomic environment, home prices may well continue to weaken."
SUPPORTING DATA
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.
2006 Peak | 2012 Trough | Current | ||||||
Index |
Level |
Date |
Level |
Date | From Peak (%) |
Level | From Trough (%) | From Peak (%) |
National | 184.61 | Jul-06 | 134.00 | Feb-12 | -27.4 % | 300.41 | 124.2 % | 62.7 % |
20-City | 206.52 | Jul-06 | 134.07 | Mar-12 | -35.1 % | 306.29 | 128.5 % | 48.3 % |
10-City | 226.29 | Jun-06 | 146.45 | Mar-12 | -35.3 % | 317.35 | 116.7 % | 40.2 % |
Table 2 below summarizes the results for September 2022. The S&P CoreLogic Case-Shiller Indices could be revised for the prior 24 months, based on the receipt of additional source data.
September 2022 | September/August | August/July | 1-Year | |||||
Metropolitan Area | Level | Change (%) | Change (%) | Change (%) | ||||
Atlanta | 231.58 | -0.8 % | -0.4 % | 17.1 % | ||||
Boston | 306.40 | -1.6 % | -1.2 % | 8.8 % | ||||
Charlotte | 257.63 | -1.1 % | -0.4 % | 17.8 % | ||||
Chicago | 186.87 | -0.6 % | -0.5 % | 10.0 % | ||||
Cleveland | 174.62 | -0.7 % | -0.1 % | 10.6 % | ||||
Dallas | 294.45 | -2.1 % | -1.9 % | 16.3 % | ||||
Denver | 313.46 | -2.0 % | -2.3 % | 9.3 % | ||||
Detroit | 170.66 | -1.2 % | -0.6 % | 8.0 % | ||||
Las Vegas | 288.87 | -2.4 % | -1.3 % | 12.9 % | ||||
Los Angeles | 397.73 | -1.8 % | -2.3 % | 8.8 % | ||||
Miami | 404.68 | -1.0 % | -0.1 % | 24.6 % | ||||
Minneapolis | 231.69 | -1.0 % | -1.0 % | 6.5 % | ||||
New York | 272.84 | -0.7 % | -0.6 % | 10.6 % | ||||
Phoenix | 328.35 | -2.2 % | -2.2 % | 12.6 % | ||||
Portland | 327.36 | -1.2 % | -2.0 % | 6.7 % | ||||
San Diego | 394.16 | -2.1 % | -2.8 % | 9.5 % | ||||
San Francisco | 348.34 | -2.9 % | -4.3 % | 2.3 % | ||||
Seattle | 367.37 | -2.9 % | -3.9 % | 6.2 % | ||||
Tampa | 377.37 | -0.9 % | -0.4 % | 23.8 % | ||||
Washington | 300.91 | -0.9 % | -1.5 % | 6.5 % | ||||
Composite-10 | 317.35 | -1.4 % | -1.6 % | 9.7 % | ||||
Composite-20 | 306.29 | -1.5 % | -1.6 % | 10.4 % | ||||
U.S. National | 300.41 | -1.0 % | -1.1 % | 10.6 % | ||||
Sources: S&P Dow Jones Indices and CoreLogic | ||||||||
Data through September 2022 | ||||||||
Table 3 below shows a summary of the monthly changes using the seasonally adjusted (SA) and non-seasonally adjusted (NSA) 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. For analytical purposes, S&P Dow Jones Indices publishes a seasonally adjusted data set covered in the headline indices, as well as for the 17 of 20 markets with tiered price indices and the five condo markets that are tracked.
September/August Change (%) | August/July Change (%) | |||||||
Metropolitan Area | NSA | SA | NSA | SA | ||||
Atlanta | -0.8 % | -0.6 % | -0.4 % | -0.1 % | ||||
Boston | -1.6 % | -1.5 % | -1.2 % | -0.9 % | ||||
Charlotte | -1.1 % | -1.0 % | -0.4 % | -0.1 % | ||||
Chicago | -0.6 % | -0.4 % | -0.5 % | -0.3 % | ||||
Cleveland | -0.7 % | -0.3 % | -0.1 % | 0.0 % | ||||
Dallas | -2.1 % | -1.7 % | -1.9 % | -1.7 % | ||||
Denver | -2.0 % | -1.3 % | -2.3 % | -1.7 % | ||||
Detroit | -1.2 % | -0.7 % | -0.6 % | -0.5 % | ||||
Las Vegas | -2.4 % | -2.1 % | -1.3 % | -1.3 % | ||||
Los Angeles | -1.8 % | -1.7 % | -2.3 % | -2.0 % | ||||
Miami | -1.0 % | -0.9 % | -0.1 % | -0.1 % | ||||
Minneapolis | -1.0 % | -0.6 % | -1.0 % | -0.6 % | ||||
New York | -0.7 % | -0.9 % | -0.6 % | -0.3 % | ||||
Phoenix | -2.2 % | -2.1 % | -2.2 % | -2.0 % | ||||
Portland | -1.2 % | -0.9 % | -2.0 % | -1.7 % | ||||
San Diego | -2.1 % | -1.6 % | -2.8 % | -2.4 % | ||||
San Francisco | -2.9 % | -2.2 % | -4.3 % | -3.7 % | ||||
Seattle | -2.9 % | -1.9 % | -3.9 % | -2.9 % | ||||
Tampa | -0.9 % | -1.0 % | -0.4 % | -0.4 % | ||||
Washington | -0.9 % | -0.3 % | -1.5 % | -1.3 % | ||||
Composite-10 | -1.4 % | -1.2 % | -1.6 % | -1.3 % | ||||
Composite-20 | -1.5 % | -1.2 % | -1.6 % | -1.3 % | ||||
U.S. National | -1.0 % | -0.8 % | -1.1 % | -0.9 % | ||||
Sources: S&P Dow Jones Indices and CoreLogic | ||||||||
Data through September 2022 | ||||||||
For more information about S&P Dow Jones Indices, please visit https://www.spglobal.com/spdji/en/.
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S&P Dow Jones Indices' interactive blog, IndexologyBlog.com, delivers real-time commentary and analysis from industry experts across S&P Global on a wide-range of topics impacting residential home prices, homebuilding and mortgage financing in the United States. Readers and viewers can visit the blog at www.indexologyblog.com, where feedback and commentary are welcomed and encouraged.
The S&P CoreLogic Case-Shiller Indices are published on the last Tuesday of each month at 9:00 am ET. They are constructed to accurately track the price path of typical single-family homes located in each metropolitan area provided. Each index combines matched price pairs for thousands of individual houses from the available universe of arms-length sales data. The S&P CoreLogic Case-Shiller U.S. National Home Price Index tracks the value of single-family housing within the United States. The index is a composite of single-family home price indices for the nine U.S. Census divisions and is calculated quarterly. The S&P CoreLogic Case-Shiller 10-City Composite Home Price Index is a value-weighted average of the 10 original metro area indices. The S&P CoreLogic Case-Shiller 20-City Composite Home Price Index is a value-weighted average of the 20 metro area indices. The indices have a base value of 100 in January 2000; thus, for example, a current index value of 150 translates to a
These indices are generated and published under agreements between S&P Dow Jones Indices and CoreLogic, Inc.
The S&P CoreLogic Case-Shiller Indices are produced by CoreLogic, Inc. In addition to the S&P CoreLogic Case-Shiller Indices, CoreLogic also offers home price index sets covering thousands of zip codes, counties, metro areas, and state markets. The indices, published by S&P Dow Jones Indices, represent just a small subset of the broader data available through CoreLogic.
Case-Shiller® and CoreLogic® are trademarks of CoreLogic Case-Shiller, LLC or its affiliates or subsidiaries ("CoreLogic") and have been licensed for use by S&P Dow Jones Indices. None of the financial products based on indices produced by CoreLogic or its predecessors in interest are sponsored, sold, or promoted by CoreLogic, and neither CoreLogic nor any of its affiliates, subsidiaries, or predecessors in interest makes any representation regarding the advisability of investing in such products.
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SOURCE S&P Dow Jones Indices
FAQ
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