Table of Content
- What Are S&P CoreLogic Case-Shiller Home Price Indices?
- Asian markets follow Wall Street lower on inflation worries
- Where are home prices in America’s 400 largest housing markets headed in 2023? These 5 charts give us some clues
- S&P/Case-Shiller Home Price Indices
- S&P CoreLogic Case-Shiller Index Continued Its Deceleration In July
- Main navigation - Law & Ethics - Legal Newsletter
It has been the fifth consecutive deceleration in the growth as demand for housing has been hit by rising borrowing costs, low housing inventory, and stubbornly high inflation. Still, Miami reported the highest gain (24.6 percent), followed by Tampa (23.8 percent), and Charlotte (17.8 percent). On the other hand, San Francisco and Seattle had the weakest gains.
Researchers at Morgan Stanley say those housing bulls should reconsider their stance. Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy.
What Are S&P CoreLogic Case-Shiller Home Price Indices?
While it's pretty clear that pressurized housing affordability has triggered some deflation in the U.S. housing market, industry insiders remain divided on what the ongoing home price correction will look like in 2023. S&P CoreLogic Case-Shiller Home Price Indices are based on a constant level of data about single-family properties that have undergone at least two arm's length transactions. This means that the parties involved in these transactions have no pre-existing relationship with one another. Case-Shiller produces indices representing certain metropolitan statistical areas as well as a national index. Mortgage rateshave started to pull backin recent weeks as markets gain confidence that interest rate spikes will slow in 2023, according toFreddie Mac. Case-Shiller numbers are 3-month moving averages so the January number is really the November-January average.

The 10-City Composite annual increase came in at 14.9%, down from 17.4% the previous month. The 20-City Composite posted a 16.1% year-over-year gain, down from 18.7% the previous month. The national Home Price index reported a 15.8% annual gain in July, down from 18.1% in June – the largest price deceleration in the history of the index. Annual home price growth as reported by Case-Shiller are expected to decelerate in all three indices.
Asian markets follow Wall Street lower on inflation worries
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index is a composite of single-family home price indices for the nine U.S. It is included in the S&P CoreLogic Case-Shiller Home Price Index Series which seeks to measure changes in the total value of all existing single-family housing stock. The S&P CoreLogic Case-Shiller Home Price Indices are the leading measures of U.S. residential real estate prices, tracking changes in the value of residential real estate nationally. For a list of additional indices, please refer to the S&P CoreLogic Case-Shiller Home Price Index Methodology.

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Where are home prices in America’s 400 largest housing markets headed in 2023? These 5 charts give us some clues
The CoreLogic Case-Shiller® Home Price Indexes include Federal Housing Finance Agency indexes for missing markets and time periods—ensuring the most complete coverage possible of all U.S. Census divisions, states, metropolitan areas, and micropolitan divisions. Down-weight pairs with long intervals between sales and reduce the influence of extreme price changes. National Index posted a month-over-month decrease of -0.9%, and the 10-City and 20-City Composites both posted decreases of -1.3%. National Index posted a month-over-month decrease of -0.2%, and the 10-City and 20-City Composites posted decreases of -0.5% and -0.4%, respectively. National Index posted a -0.3% month-over-month decrease in July, while the 10-City and 20-City Composites both posted decreases of -0.8%.

Perhaps in the future, I’ll use that state-level quarterly data to estimate personal income at the metro level for the most recent months. But that’s would be a big project to forecast Per Capita Personal Income by metro by month. The Case-Shiller National Home Price Index is a composite index of the single-family residential real estate values in 9 US Census divisions. The Case-Shiller method of calculating the home price index adjusts the weighting for the quality of sold homes. The Case-Shiller indices are seen as one of the most reliable measures of housing price trends in the US.
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The S&P CoreLogic Case-Shiller U.S. National Home Price Index® rose 10.6% year-over-year in September (non-seasonally adjusted), down from 13.0% in August. Nevertheless, you might be interested in looking at some income data to get a feel for the data. Phoenix and Minneapolis data start in 1989, Seattle starts in 1990, Atlanta and Detroit start in 1991, and Dallas data only starts in 2000. For more information regarding the index, please visit Standard & Poor's. There is more information about home price sales pairs in the Methodology section.

They are used as the underlying pricing mechanism in Chicago Mercantile Exchange real estate futures and options. James Chen, CMT is an expert trader, investment adviser, and global market strategist. He has authored books on technical analysis and foreign exchange trading published by John Wiley and Sons and served as a guest expert on CNBC, BloombergTV, Forbes, and Reuters among other financial media.
In fact, new listings on Realtor.com are down 17.25% on a year-over-year basis. Many buyers who would normally be looking to move up to a bigger house have postponed the switch because they don't want to give up their fixed 2% or 3% mortgage rates they have for their current house. On the housing demand front, things remain slumped with mortgage purchase applications (down 38% year-over-year) currently just below their lowest point during the 2000s housing crash. On one hand, if financial conditions ease and mortgage rates fall in 2023, homebuyer demand would increase. On the other hand, the pandemic's housing demand boom could've had a pull-forward effect that results in a slower than expected post-pandemic housing market. In addition, average and median house prices are more affected by the mix of houses sold.
"Given the prospects for a more challenging macroeconomic environment, home prices may well continue to decelerate”, Craig J. Lazzara, Managing Director at S&P DJI said. September brought about high interest rates and slowing sales, which continued to slow home price growth annually. While buyers are stepping aside waiting for more affordable prices and rates – causing the slowdown on price growth – would-be sellers are sticking their ground and holding tight to the inventory they currently own. As a result, prices might not continue to plunge down as much as some projections anticipate— as the available inventory of homes on the market is constrained. Every quarter, Moody’s Analytics assesses whether local fundamentals, including local income levels, can support local house prices. Thesefrothy markets include places like Boise("overvalued" by 74%) and Austin ("overvalued" by 61%).