October S&P/Case-Shiller Home Price Index Continues Decline

This article was originally written by Doug Short. From 2016-2022, it was improved upon and updated by Jill Mislinski. Starting in January 2023, AP Charts pages will be maintained by Jennifer Nash at Advisor Perspectives/VettaFi.

With this morning's release of the October S&P/Case-Shiller Home Price Index, we learned that seasonally adjusted home prices for the benchmark 20-city index saw a 0.5% decrease month over month. The non-seasonally adjusted national index saw a 9.2% YoY increase. The MoM is reduced to -1.1% after adjusting for inflation.

Investing.com had forecast a 1.1% MoM seasonally adjusted decrease and 8.2% YoY nonseasonally adjusted for the 20-city series.

Here is the analysis from today's Standard & Poor's press release:

NEW YORK, DECEMBER 27, 2022: 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 October 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/.


The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 9.2% annual gain in October, down from 10.7% in the previous month. The 10-City Composite annual increase came in at 8.0%, down from 9.6% in the previous month. The 20-City Composite posted a 8.6% year-over-year gain, down from 10.4% in the previous month.

Miami, Tampa, and Charlotte reported the highest year-over-year gains among the 20 cities in October. Miami led the way with a 21% year-over-year price increase, followed by Tampa in second with a 20.5% increase, and Charlotte in third with a 15% increase. All 20 cities reported lower price increases in the year ending October 2022 versus the year ending September 2022.

The chart below is an overlay of the Case-Shiller 10- and 20-City Composite Indexes along with the national index since 1987, the first year that the 10-City Composite was tracked. Note that the 20-City, which is probably the most closely watched of the three, dates from 2000. We've used the seasonally adjusted data for this illustration.

Home Price Index