Case-Shiller: National House Price Index Up 3.8% year-over-year in November
S&P/Case-Shiller released the monthly Home Price Indices for November ("November" is a 3-month average of September, October and November closing prices). This release includes prices for 20 individual cities, two composite indices (for 10 cities and 20 cities) and the monthly National index. From S&P S&P CoreLogic Case-Shiller Index Records 3.8% Annual Gain in November 2024 The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 3.8% annual return for November, up from a 3.6% annual gain in the previous month. The 10-City Composite saw an annual increase of 4.9%, recording the same annual increase in the previous month. The 20-City Composite posted a year-over-year increase of 4.3%, up from a 4.2% increase in the previous month. New York again reported the highest annual gain among the 20 cities with a 7.3% increase in November, followed by Chicago and Washington with annual increases of 6.2% and 5.9%, respectively. Tampa posted the lowest return, falling 0.4%. ... The pre-seasonally adjusted U.S. National, 20-City, and 10-City Composite Indices’ upward trends continued to reverse in November, with a -0.1% drop for the national index, while the 20-City Composite saw a -0.1% decline and the 10-City Composite was unchanged. After seasonal adjustment, the U.S. National, 20-City, and 10-City Composite Indices all posted a month-over-month increase of 0.4%. “With the exception of pockets of above-trend performance, national home prices are trending below historical averages,” says Brian D. Luke, CFA, Head of Commodities, Real & Digital Assets. “Markets in New York, Washington, D.C., and Chicago are well above norms, with New York leading the way. Unsurprisingly, the Northeast was the fastest growing region, averaging a 6.1% annual gain. However, markets out west and in once red-hot Florida are trending well below average growth. Tampa’s decline is the first annual drop for any market in over a year. Returns for the Tampa market and entire Southern region rank in the bottom quartile of historical annual gains, with data going back to 1988. “Despite below-trend growth, our National Index hit its 18th consecutive all-time high on a seasonally adjusted basis,” Luke continued. “Again, with the exception of Tampa, all markets rose monthly with seasonal adjustment. With New York leading the nation for the seventh consecutive month and U.S. banks reporting strong Q4 earnings, this could set the Big Apple up as we close out the year.” emphasis added Click on graph for larger image. The first graph shows the nominal seasonally adjusted Composite 10, Composite 20 and National indices (the Composite 20 was started in January 2000). The Composite 10 index was up 0.4% in November (SA). The Composite 20 index was up 0.4% (SA) in November. The National index was up 0.4% (SA) in November. The second graph shows the year-over-year change in all three indices. The Composite 10 SA was up 4.9% year-over-year. The Composite 20 SA was up 4.3% year-over-year. The National index SA was up 3.8% year-over-year. Annual price changes were close to expectations. I'll have more later.
S&P/Case-Shiller released the monthly Home Price Indices for November ("November" is a 3-month average of September, October and November closing prices).
This release includes prices for 20 individual cities, two composite indices (for 10 cities and 20 cities) and the monthly National index.
From S&P S&P CoreLogic Case-Shiller Index Records 3.8% Annual Gain in November 2024 Click on graph for larger image.
The first graph shows the nominal seasonally adjusted Composite 10, Composite 20 and National indices (the Composite 20 was started in January 2000).
The Composite 10 index was up 0.4% in November (SA). The Composite 20 index was up 0.4% (SA) in November.
The National index was up 0.4% (SA) in November.
The second graph shows the year-over-year change in all three indices.
The Composite 10 SA was up 4.9% year-over-year. The Composite 20 SA was up 4.3% year-over-year.
The National index SA was up 3.8% year-over-year.
Annual price changes were close to expectations. I'll have more later.
This release includes prices for 20 individual cities, two composite indices (for 10 cities and 20 cities) and the monthly National index.
From S&P S&P CoreLogic Case-Shiller Index Records 3.8% Annual Gain in November 2024
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 3.8% annual return for November, up from a 3.6% annual gain in the previous month. The 10-City Composite saw an annual increase of 4.9%, recording the same annual increase in the previous month. The 20-City Composite posted a year-over-year increase of 4.3%, up from a 4.2% increase in the previous month. New York again reported the highest annual gain among the 20 cities with a 7.3% increase in November, followed by Chicago and Washington with annual increases of 6.2% and 5.9%, respectively. Tampa posted the lowest return, falling 0.4%.
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The pre-seasonally adjusted U.S. National, 20-City, and 10-City Composite Indices’ upward trends continued to reverse in November, with a -0.1% drop for the national index, while the 20-City Composite saw a -0.1% decline and the 10-City Composite was unchanged.
After seasonal adjustment, the U.S. National, 20-City, and 10-City Composite Indices all posted a month-over-month increase of 0.4%.
“With the exception of pockets of above-trend performance, national home prices are trending below historical averages,” says Brian D. Luke, CFA, Head of Commodities, Real & Digital Assets. “Markets in New York, Washington, D.C., and Chicago are well above norms, with New York leading the way. Unsurprisingly, the Northeast was the fastest growing region, averaging a 6.1% annual gain. However, markets out west and in once red-hot Florida are trending well below average growth. Tampa’s decline is the first annual drop for any market in over a year. Returns for the Tampa market and entire Southern region rank in the bottom quartile of historical annual gains, with data going back to 1988.
“Despite below-trend growth, our National Index hit its 18th consecutive all-time high on a seasonally adjusted basis,” Luke continued. “Again, with the exception of Tampa, all markets rose monthly with seasonal adjustment. With New York leading the nation for the seventh consecutive month and U.S. banks reporting strong Q4 earnings, this could set the Big Apple up as we close out the year.”
emphasis added
Click on graph for larger image. The first graph shows the nominal seasonally adjusted Composite 10, Composite 20 and National indices (the Composite 20 was started in January 2000).
The Composite 10 index was up 0.4% in November (SA). The Composite 20 index was up 0.4% (SA) in November.
The National index was up 0.4% (SA) in November.
The second graph shows the year-over-year change in all three indices.The Composite 10 SA was up 4.9% year-over-year. The Composite 20 SA was up 4.3% year-over-year.
The National index SA was up 3.8% year-over-year.
Annual price changes were close to expectations. I'll have more later.
