The S&P Dow Jones Indices just released the latest results for the S&P CoreLogic Case-Shiller Indices, the leading measure of U.S. home prices. Data released today for August 2023 show that 13 of the 20 major metro markets reported month-over-month price increases.
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 2.6 percent annual change in August, up from a 1 percent the previous month. The 10-City Composite showed an increase of 3 percent, also up from 1 percent in July, while the 20-City Composite posted a year-over-year increase of 2.2 percent, up from 0.2 percent in the previous month.
Chicago led the way for the fourth consecutive month, reporting the highest year-over-year gain among the 20 cities in August. Seven of 20 cities reported lower prices. Twelve of the 20 cities reported higher prices in the year ending August 2023 versus the year ending July 2023. Nineteen of the 20 cities show a positive trend in year-over-year price acceleration compared to the prior month.
“Our National Composite rose by 0.4 percent in August, which marks the seventh consecutive monthly gain since prices bottomed in January 2023,” said Craig J. Lazzara, Managing Director at S&P DJI. “The Composite now stands 2.6 percent above its year-ago level and 6.4 percent above its January level.
“One measure of the strength of the housing market is the relationship of current prices to their historical levels. On that dimension, it’s worth noting that the National Composite, the 10-City Composite, and seven individual cities (Atlanta, Boston, Charlotte, Chicago, Detroit, Miami, and New York) stand at their all-time highs,” Lazzara added. “Observing the breadth of price changes provides insight into another dimension of market health. On a seasonally adjusted basis, prices increased in 19 of 20 cities in August (and Cleveland only missed by a whisker); before seasonal adjustments, prices rose in 13 cities.”