Case-Shiller Index Reports 5.5 Percent Annual Home Price Gain For 2023

The S&P Dow Jones Indices has released the latest results for the S&P CoreLogic Case-Shiller Indices which shows a significant increase in U.S. home prices for the calendar year 2023. The U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 5.5 percent annual gain in December, up from a 5 percent rise in the previous month. 

The 10-City Composite showed an increase of 7 percent, up from a 6.3 percent increase in the previous month, while the 20-City Composite posted a year-over-year increase of 6.1 percent, up from a 5.4 percent.

San Diego reported the highest year-over-year gain among the 20 cities with an 8.8 percent increase in December, followed by Los Angeles and Detroit, each with an 8.3 percent increase. Portland showed a 0.3 percent increase this month, holding the lowest rank after reporting the smallest year-over-year growth.

“U.S. home prices faced significant headwinds in the fourth quarter of 2023,” says Brian D. Luke, Head of Commodities, Real & Digital Assets at S&P Dow Jones Indices. “However, on a seasonally adjusted basis, the S&P Case-Shiller Home Price Indices continued its streak of seven consecutive record highs in 2023. Ten of 20 markets beat prior records, with San Diego registering an 8.9 percent gain and Las Vegas the fastest rising market in December, after accounting for seasonal impacts.”