S&P CORELOGIC CASE-SHILLER INDEX CONTINUED TO DECLINE IN NOVEMBER
[ Back ]   [ More News ]   [ Home ]
S&P CORELOGIC CASE-SHILLER INDEX CONTINUED TO DECLINE IN NOVEMBER

NEW YORK, Jan. 31, 2023 — (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 November 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 7.7% annual gain in November, down from 9.2% in the previous month. The 10-City Composite annual increase came in at 6.3%, down from 8.0% in the previous month. The 20-City Composite posted a 6.8% year-over-year gain, down from 8.6% in the previous month.

Miami, Tampa, and Atlanta reported the highest year-over-year gains among the 20 cities in November. Miami led the way with a 18.4% year-over-year price increase, followed by Tampa in second with a 16.9% increase, and Atlanta in third with a 12.7% increase. All 20 cities reported lower price increases in the year ending November 2022 versus the year ending October 2022. 

MONTH-OVER-MONTH

Before seasonal adjustment, the U.S. National Index posted a -0.6% month-over-month decrease in November, 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 November, all 20 cities reported declines before seasonal adjustments. After seasonal adjustments, 19 cities reported declines, with only Detroit increasing 0.1%.

ANALYSIS

"November 2022 marked the fifth consecutive month of declining home prices in the U.S.," says Craig J. Lazzara, Managing Director at S&P DJI. "For example, the National Composite Index fell -0.6% for the month, reflecting a -3.6% decline since the market peaked in June 2022. We saw comparable patterns in our 10- and 20-City Composites, both of which stand more than -5.0% below their June peaks. These declines, of course, came after very strong price increases in late 2021 and the first half of 2022. Despite its recent weakness, on a year-over-year basis the National Composite gained 7.7%, which is in the 74th percentile of historical performance levels.

"All 20 cities in our November report showed price declines on a month-over-month basis, with a median decline of -0.8%. Moreover, for all 20 cities, year-over-year gains in November were lower than those of October, with a median year-over-year increase of 6.4%. Interestingly, home prices in San Francisco were down by -1.6% year-over-year, the first negative result for any city since San Francisco's -0.4% decline in October 2019. This is the worst year-over-year result for San Francisco in more than 10 years (since a -3.0% result in March 2012). West coast weakness was not limited to California, as San Francisco was followed by Seattle (+1.5%) and Portland (+3.9%) at the bottom of the league table.

"In contrast, November's best-performing cities were clustered in the Southeast. Miami (+18.4%) was the best performer, followed by Tampa (+16.9%). November is the eighth consecutive month that one of our Florida cities has been the national leader. The month's bronze medal went to Atlanta (+12.7%), narrowly edging out Charlotte (+12.6%). Unsurprisingly, the Southeast (+15.1%) and South (+14.3%) were the strongest regions and the West (+4.0%) was the weakest.

"As the Federal Reserve moves interest rates higher, mortgage financing continues to be a headwind for home prices. Economic weakness, including the possibility of a recession, would also constrain potential buyers. Given these 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 %

297.29

121.9 %

61.0 %

20-City

206.52

Jul-06

134.07

Mar-12

-35.1 %

301.51

124.9 %

46.0 %

10-City

226.29

Jun-06

146.45

Mar-12

-35.3 %

313.07

113.8 %

38.3 %

Table 2 below summarizes the results for November 2022. The S&P CoreLogic Case-Shiller Indices could be revised for the prior 24 months, based on the receipt of additional source data.


November 2022

November/October

October/September

1-Year

Metropolitan Area

Level

Change (%)

Change (%)

Change (%)

Atlanta

228.52

-0.6 %

-0.8 %

12.7 %

Boston

301.28

-0.7 %

-1.0 %

6.9 %

Charlotte

253.40

-0.7 %

-0.9 %

12.6 %

Chicago

184.57

-0.6 %

-0.5 %

7.7 %

Cleveland

171.59

-0.7 %

-1.0 %

7.5 %

Dallas

287.47

-1.1 %

-1.3 %

10.9 %

Denver

307.41

-0.8 %

-1.1 %

6.1 %

Detroit

168.36

-0.4 %

-0.9 %

6.2 %

Las Vegas

278.95

-1.7 %

-1.8 %

6.6 %

Los Angeles

391.99

-0.9 %

-0.6 %

4.4 %

Miami

399.73

-0.2 %

-1.0 %

18.4 %

Minneapolis

228.39

-0.7 %

-0.7 %

4.8 %

New York

272.03

-0.1 %

-0.2 %

8.1 %

Phoenix

317.11

-1.9 %

-1.6 %

6.3 %

Portland

321.33

-0.9 %

-0.9 %

3.9 %

San Diego

385.37

-1.4 %

-0.8 %

4.8 %

San Francisco

337.09

-1.6 %

-1.7 %

-1.6 %

Seattle

358.14

-1.5 %

-1.0 %

1.5 %

Tampa

370.58

-1.0 %

-0.8 %

16.9 %

Washington

298.45

-0.3 %

-0.5 %

5.3 %

Composite-10

313.07

-0.7 %

-0.7 %

6.3 %

Composite-20

301.51

-0.8 %

-0.8 %

6.8 %

U.S. National

297.29

-0.6 %

-0.5 %

7.7 %

Sources: S&P Dow Jones Indices and CoreLogic

Data through November 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.


November/October Change (%)

October/September Change (%)

Metropolitan Area

NSA

SA

NSA

SA

Atlanta

-0.6 %

-0.4 %

-0.8 %

-0.6 %

Boston

-0.7 %

-0.6 %

-1.0 %

-0.4 %

Charlotte

-0.7 %

-0.5 %

-0.9 %

-0.9 %

Chicago

-0.6 %

0.0 %

-0.5 %

-0.1 %

Cleveland

-0.7 %

0.0 %

-1.0 %

-0.4 %

Dallas

-1.1 %

-0.8 %

-1.3 %

-0.9 %

Denver

-0.8 %

-0.4 %

-1.1 %

-0.5 %

Detroit

-0.4 %

0.1 %

-0.9 %

-0.2 %

Las Vegas

-1.7 %

-1.2 %

-1.8 %

-1.4 %

Los Angeles

-0.9 %

-0.7 %

-0.6 %

-0.5 %

Miami

-0.2 %

0.0 %

-1.0 %

-1.0 %

Minneapolis

-0.7 %

-0.1 %

-0.7 %

-0.3 %

New York

-0.1 %

-0.3 %

-0.2 %

-0.4 %

Phoenix

-1.9 %

-1.4 %

-1.6 %

-1.2 %

Portland

-0.9 %

-0.4 %

-0.9 %

-0.2 %

San Diego

-1.4 %

-0.7 %

-0.8 %

-0.4 %

San Francisco

-1.6 %

-1.4 %

-1.7 %

-1.0 %

Seattle

-1.5 %

-1.0 %

-1.0 %

-0.1 %

Tampa

-1.0 %

-0.9 %

-0.8 %

-0.8 %

Washington

-0.3 %

-0.1 %

-0.5 %

-0.2 %

Composite-10

-0.7 %

-0.5 %

-0.7 %

-0.5 %

Composite-20

-0.8 %

-0.5 %

-0.8 %

-0.5 %

U.S. National

-0.6 %

-0.3 %

-0.5 %

-0.2 %

Sources: S&P Dow Jones Indices and CoreLogic

Data through November 2022

For more information about S&P Dow Jones Indices, please visit https://www.spglobal.com/spdji/en/.

ABOUT S&P DOW JONES INDICES

S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets.

S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit https://www.spglobal.com/spdji/en/.

FOR MORE INFORMATION:

April Kabahar
Global Head of Communications
New York, USA
(+1) 212 438 7530
Email Contact

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 50% appreciation rate since January 2000 for a typical home located within the subject market.

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.

Cision View original content: https://www.prnewswire.com/news-releases/sp-corelogic-case-shiller-index-continued-to-decline-in-november-301734982.html

SOURCE S&P Dow Jones Indices

Contact:
Company Name: S&P Dow Jones Indices
Financial data for S&P Dow Jones Indices