Home prices soared in the latest data S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, which reported a 4.8% annual change in October, up from a 4% change in the previous month.
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.
Detroit reported the highest year-over-year gain among the 20 cities with an 8.1% increase in October, followed again by San Diego with a 7.2% increase. Portland was the sole city reporting lower year-over-year prices with a 0.6% decline.
Before the seasonal adjustment, the U.S. National Index and10-City Composite, posted 0.2% month-over-month increases in October, while the 20-City composite posted 0.1% increase. After the seasonal adjustment, the U.S. National Index, the 10-City and 20-City Composites each posted month-over-month increases of 0.6%.
“U.S. home prices accelerated at their fastest annual rate of the year in October,” said Brian D. Luke, head of commodities and 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.”
Luke added, “Each of our 10-city, 20-city and National Index, remain at all-time highs, with eight of 20 cities registering all-time highs (Miami, Atlanta, Chicago, Boston, Detroit, Charlotte, New York and Cleveland). While Portland remains slightly down compared to last year’s gains, Phoenix and Las Vegas have flipped to year over year gains. The Midwest and the Northeast region are 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.”
