S&P CORELOGIC CASE-SHILLER INDEX RECORDS 3.6% ANNUAL GAIN IN OCTOBER 2024
The S&P CoreLogic Case-Shiller U.S. National Home Price Index recorded a 3.6% annual gain in October 2024, showing a deceleration from the previous month's 3.9%. The 10-City and 20-City Composites posted annual increases of 4.8% and 4.2% respectively, both down from the previous month.
New York led with the highest annual gain of 7.3%, followed by Chicago (6.2%) and Las Vegas (5.9%). The National Index reached its 17th consecutive all-time high, though month-over-month data showed a -0.2% drop before seasonal adjustments. After seasonal adjustment, the National Index posted a 0.3% monthly increase.
Only two markets – Tampa and Cleveland – showed declines during the past month, while markets in Florida and Arizona, though rising, failed to keep pace with inflation.
L'indice dei prezzi delle abitazioni nazionali S&P CoreLogic Case-Shiller negli Stati Uniti ha registrato un guadagno annuo del 3,6% nell'ottobre 2024, mostrando un rallentamento rispetto al 3,9% del mese precedente. I Composite delle 10 e 20 città hanno riportato aumenti annuali rispettivi del 4,8% e del 4,2%, entrambi in calo rispetto al mese precedente.
New York ha guidato con il guadagno annuale più alto del 7,3%, seguita da Chicago (6,2%) e Las Vegas (5,9%). L'Indice Nazionale ha raggiunto il suo 17° massimo storico consecutivo, sebbene i dati mese su mese mostrassero un calo dello 0,2% prima degli aggiustamenti stagionali. Dopo gli aggiustamenti stagionali, l'Indice Nazionale ha mostrato un aumento mensile dello 0,3%.
Solo due mercati – Tampa e Cleveland – hanno mostrato dei cali nel mese scorso, mentre i mercati in Florida e Arizona, sebbene in aumento, non sono riusciti a tenere il passo con l'inflazione.
El índice de precios de viviendas nacionales S&P CoreLogic Case-Shiller de EE. UU. registró una ganancia anual del 3.6% en octubre de 2024, mostrando una desaceleración respecto al 3.9% del mes anterior. Los Compuestos de 10 y 20 ciudades mostraron aumentos anuales del 4.8% y 4.2%, respectivamente, ambos en disminución con respecto al mes anterior.
Nueva York lideró con la mayor ganancia anual del 7.3%, seguido de Chicago (6.2%) y Las Vegas (5.9%). El Índice Nacional alcanzó su 17° máximo histórico consecutivo, aunque los datos mes a mes mostraron una caída del -0.2% antes de los ajustes estacionales. Después de ajustar estacionalmente, el Índice Nacional mostró un aumento mensual del 0.3%.
Solo dos mercados – Tampa y Cleveland – mostraron caídas durante el mes pasado, mientras que los mercados en Florida y Arizona, aunque en aumento, no pudieron mantenerse al ritmo de la inflación.
S&P CoreLogic Case-Shiller 미국 국가 주택 가격 지수는 2024년 10월에 연간 증가율 3.6%를 기록하여, 지난 달 3.9%에서 둔화된 모습을 보였습니다. 10개 도시와 20개 도시 종합지수는 각각 4.8%와 4.2%의 연간 증가율을 보였으며, 둘 다 지난 달보다 감소했습니다.
뉴욕은 7.3%로 가장 높은 연간 증가율을 기록하며 선두를 달렸고, 다음으로 시카고(6.2%)와 라스베이거스(5.9%)가 뒤를 이었습니다. 국가 지수는 17개월 연속 최고치를 기록했지만, 계절 조정 전 월별 데이터에서는 -0.2%의 감소가 있었습니다. 계절 조정 후, 국가 지수는 월별로 0.3% 증가했습니다.
단 두 개의 시장인 탬파와 클리블랜드만이 지난 달 동안 하락세를 보였으며, 플로리다와 애리조나의 시장은 상승세를 보였으나 인플레이션에 대한 속도를 따라잡지 못했습니다.
L'indice des prix des logements nationaux S&P CoreLogic Case-Shiller aux États-Unis a enregistré un gain annuel de 3,6% en octobre 2024, marquant un ralentissement par rapport au 3,9% du mois précédent. Les composites de 10 et 20 villes ont affiché des augmentations annuelles respectives de 4,8% et 4,2%, tous deux en baisse par rapport au mois précédent.
New York a enregistré la plus forte hausse annuelle, avec 7,3%, suivi de Chicago (6,2%) et de Las Vegas (5,9%). L'indice national a atteint un 17e plus haut historique consécutif, bien que les données mensuelles montrent une baisse de -0,2% avant ajustements saisonniers. Après ajustement saisonnier, l'indice national a enregistré une augmentation mensuelle de 0,3%.
Deux marchés seulement – Tampa et Cleveland – ont connu des baisses au cours du mois dernier, tandis que les marchés en Floride et en Arizona, bien qu'en hausse, n'ont pas réussi à suivre le rythme de l'inflation.
Der S&P CoreLogic Case-Shiller US National Home Price Index verzeichnete im Oktober 2024 einen jährlichen Anstieg von 3,6%, was eine Verlangsamung im Vergleich zum Vormonat mit 3,9% zeigt. Die 10- und 20-Städte-Kompilationen berichteten von jährlichen Zuwächsen von 4,8% bzw. 4,2%, beide gesunken im Vergleich zum Vormonat.
New York führte mit dem höchsten jährlichen Anstieg von 7,3%, gefolgt von Chicago (6,2%) und Las Vegas (5,9%). Der nationale Index erreichte ein 17. aufeinanderfolgendes Rekordhoch, obwohl die Daten von Monat zu Monat vor saisonalen Anpassungen einen Rückgang von -0,2% zeigten. Nach der saisonalen Anpassung verzeichnete der nationale Index einen monatlichen Anstieg von 0,3%.
Nur zwei Märkte – Tampa und Cleveland – zeigten im vergangenen Monat Rückgänge, während die Märkte in Florida und Arizona, obwohl im Aufschwung, mit der Inflation nicht Schritt halten konnten.
- National Home Price Index reached 17th consecutive all-time high
- New York market shows strong 7.3% annual growth, leading all markets
- Most markets (18 out of 20) showed positive growth
- Seasonally adjusted data shows broad rally across the country with 0.3% monthly increase
- Overall annual gain decelerated to 3.6% from 3.9%
- Pre-seasonal adjusted National Index dropped 0.2% month-over-month
- Florida and Arizona markets not keeping pace with inflation
- Most markets showing slower growth compared to 2020-present period
Insights
The latest Case-Shiller data reveals a nuanced housing market landscape. The 3.6% annual gain represents a cooling from September's 3.9%, signaling a gradual market normalization. New York's exceptional 7.3% annual gain stands out against the national trend, while traditionally hot markets like Tampa have cooled significantly to just 0.4%.
The seasonally adjusted month-over-month increase of 0.3% for the National Index suggests underlying market resilience despite affordability challenges. The data indicates a geographic shift in market dynamics, with northeastern cities showing strength while previously booming sunbelt markets experience moderation.
Most telling is that the National Index hit its 17th consecutive all-time high, now sitting 142% above its 2012 trough. This persistent appreciation, while moderating, continues to outpace inflation, maintaining real home equity gains for existing homeowners.
The housing market's deceleration pattern carries significant implications for SPGI's revenue streams. The Case-Shiller Index, a premier housing market indicator, directly impacts S&P Global's data and analytics business segment. The continued moderation in price gains, while still positive, suggests sustained demand for housing market analytics as investors navigate this transitional period.
The geographic divergence in price trends - exemplified by New York's outperformance and Florida's moderation - creates opportunities for enhanced data products and market analysis services. This complexity in market dynamics typically drives higher demand for SPGI's research and analytics offerings.
The post-election market context mentioned in the report is particularly relevant for SPGI's business model, as reduced political uncertainty typically correlates with increased market activity and demand for financial intelligence services.
YEAR-OVER-YEAR
The S&P CoreLogic Case-Shiller
MONTH-OVER-MONTH
The pre-seasonally adjusted
After seasonal adjustment, the
ANALYSIS
"
"Our National Index hit its 17th consecutive all-time high, and only two markets –
"With the latest data covering the period prior to the election, our national index has shown continued improvement," Luke continued. "Removing the political uncertainly risk has led to an equity market rally; it will be telling should the similar sentiment occur among homeowners."
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 % | 324.22 | 142.0 % | 75.6 % | |
20-City | 206.52 | Jul-06 | 134.07 | Mar-12 | -35.1 % | 332.94 | 148.3 % | 61.2 % | |
10-City | 226.29 | Jun-06 | 146.45 | Mar-12 | -35.3 % | 350.35 | 139.2 % | 54.8 % | |
Table 2 below summarizes the results for October 2024. The S&P CoreLogic Case-Shiller Indices could be revised for the prior 24 months, based on the receipt of additional source data.
October 2024 | October/September | September/August | 1-Year | |||||||
Metropolitan Area | Level | Change (%) | Change (%) | Change (%) | ||||||
248.81 | -0.26 % | -0.24 % | 2.95 % | |||||||
337.62 | 0.25 % | -0.55 % | 4.36 % | |||||||
Charlotte | 281.04 | -0.33 % | 0.08 % | 3.94 % | ||||||
210.67 | -0.35 % | -0.05 % | 6.24 % | |||||||
194.43 | -0.94 % | 0.56 % | 5.84 % | |||||||
296.78 | -0.53 % | -0.63 % | 0.85 % | |||||||
316.26 | -0.35 % | -0.79 % | 0.44 % | |||||||
190.60 | -0.55 % | 0.14 % | 4.42 % | |||||||
300.76 | -0.48 % | 0.09 % | 5.90 % | |||||||
436.85 | -0.17 % | -0.91 % | 3.96 % | |||||||
440.54 | -0.15 % | -0.52 % | 3.15 % | |||||||
241.66 | -0.33 % | -0.16 % | 2.34 % | |||||||
316.06 | 0.18 % | 0.18 % | 7.27 % | |||||||
329.82 | -0.05 % | 0.28 % | 1.20 % | |||||||
330.06 | -0.40 % | -0.15 % | 1.39 % | |||||||
437.63 | -0.38 % | -0.86 % | 4.50 % | |||||||
353.72 | -0.93 % | -0.71 % | 1.58 % | |||||||
389.82 | -0.87 % | -0.49 % | 4.89 % | |||||||
384.21 | -0.62 % | -0.11 % | 0.39 % | |||||||
331.24 | 0.10 % | -0.01 % | 5.67 % | |||||||
Composite-10 | 350.35 | -0.13 % | -0.37 % | 4.84 % | ||||||
Composite-20 | 332.94 | -0.23 % | -0.32 % | 4.22 % | ||||||
324.22 | -0.18 % | -0.11 % | 3.60 % | |||||||
Sources: S&P Dow Jones Indices and CoreLogic | ||||||||||
Data through October 2024 | ||||||||||
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.
October/September Change (%) | September/August Change (%) | ||||||
Metropolitan Area | NSA | SA | NSA | SA | |||
-0.26 % | 0.25 % | -0.24 % | 0.16 % | ||||
0.25 % | 0.70 % | -0.55 % | 0.09 % | ||||
Charlotte | -0.33 % | 0.17 % | 0.08 % | 0.45 % | |||
-0.35 % | 0.20 % | -0.05 % | 0.45 % | ||||
-0.94 % | -0.29 % | 0.56 % | 1.05 % | ||||
-0.53 % | 0.25 % | -0.63 % | 0.23 % | ||||
-0.35 % | 0.50 % | -0.79 % | 0.18 % | ||||
-0.55 % | 0.38 % | 0.14 % | 0.59 % | ||||
-0.48 % | 0.35 % | 0.09 % | 0.65 % | ||||
-0.17 % | 0.05 % | -0.91 % | -0.22 % | ||||
-0.15 % | 0.23 % | -0.52 % | -0.01 % | ||||
-0.33 % | 0.27 % | -0.16 % | 0.51 % | ||||
0.18 % | 0.25 % | 0.18 % | 0.41 % | ||||
-0.05 % | 0.50 % | 0.28 % | 0.70 % | ||||
-0.40 % | 0.42 % | -0.15 % | 0.54 % | ||||
-0.38 % | 0.37 % | -0.86 % | 0.06 % | ||||
-0.93 % | 0.17 % | -0.71 % | 0.13 % | ||||
-0.87 % | 0.16 % | -0.49 % | 0.82 % | ||||
-0.62 % | -0.12 % | -0.11 % | 0.05 % | ||||
0.10 % | 0.70 % | -0.01 % | 0.60 % | ||||
Composite-10 | -0.13 % | 0.31 % | -0.37 % | 0.17 % | |||
Composite-20 | -0.23 % | 0.32 % | -0.32 % | 0.22 % | |||
-0.18 % | 0.35 % | -0.11 % | 0.28 % | ||||
Sources: S&P Dow Jones Indices and CoreLogic Data through October 2024 | |||||||
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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
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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