Eleven of the 20 major metro markets reported month-over-month price increases in October, according to data from the S&P CoreLogic Case-Shiller Indices.
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, which covers all nine census divisions, reported a 4.8% annual change in October, up from a 4% change in the previous month.
“U.S. home prices accelerated at their fastest annual rate of the year in October,” says Brian D. Luke, head of commodities, real and digital assets at S&P Dow Jones Indices. “Our National Composite rose by 0.2% in October, marking nine consecutive monthly gains and the strongest national growth rate since 2022.”
The 10-City Composite showed an increase of 5.7%, up from a 4.8% increase in the previous month while the 20-City Composite posted a year-over-year increase of 4.9%, up from a 3.9% increase in the previous month.
Reporting the highest year-over-year gain among the 20 cities, Detroit posted an 8.1% increase in October. San Diego followed again with a 7.2% increase while Portland fell 0.6% as the only city reporting lower prices versus October 2022.
The 10-City and 20-City Composites as well as the National Index remain at all-time highs, with 8 of 20 cities registering all-time highs (Miami, Atlanta, Chicago, Boston, Detroit, Charlotte, New York and Cleveland), according to Luke.
“While Portland remains slightly down compared to last year’s gains, Phoenix and Las Vegas have flipped to year-over-year gains,” he adds. “The Midwest and the Northeast region are the fastest growing markets, while the Southwest and West regions have lagged other regions for over a year. A solid, if unspectacular report, this month’s index reflects a rising tide across nearly all markets.”
Before seasonal adjustment, the National Index and10-City Composite, posted 0.2% month-over-month increases in October, while the 20-City Composite posted 0.1% increase. After seasonal adjustment, the National Index, the 10-City and 20-City composites each posted month-over-month increases of 0.6%.
Luke says, “Home prices leaned into the highest mortgage rates recorded in this market cycle and continued to push higher. With mortgage rates easing and the Federal Reserve guiding toward a slightly more accommodative stance, homeowners may be poised to see more appreciation.”
