The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 3.8 percent annual gain in January, down from 5.6 percent in the previous month.
Miami, Tampa, and Atlanta again reported the highest year-over-year gains among the 20 cities in January. Miami led the way with a 13.8 percent year-over-year price increase, followed by Tampa in second with a 10.5 percent increase, and Atlanta with a 8.4 percent increase.
The news was not as positive for the West Coast, where major markets saw annual price declines.
“2023 began as 2022 had ended, with U.S. home prices falling for the seventh consecutive month,” said Craig J. Lazzara, Managing Director at S&P DJI. “One of the most interesting aspects of January’s report is the continued weakness in home prices on the West Coast, as San Diego and Portland joined San Francisco and Seattle in negative year-over-year territory.”
San Francisco took a 7.6 percent tumble annually, while Seattle was down 5.1 percent. San Diego follow behind, falling 1.4 percent compared to January 2022.
Los Angeles barely squeaked out a positive data point, up 0.9 percent compared to the year prior.