Nationwide residence value index “continues to fall” and rose 9.2% in October from a yr earlier

from Calculated danger on 12/27/2022 09:11:00 am

S&P/Case-Shiller launched month-to-month home value indexes for October (“October” is a 3-month transferring common of August, September and October closing costs).

This publication comprises costs for 20 particular person cities, two composite indices (for 10 cities and 20 cities) and the month-to-month nationwide index.

From S&P: The S&P Corelogic Case-Shiller Index fell additional in October

The S&P CoreLogic Case-Shiller US Nationwide Residence Value NSA Index, masking all 9 US census divisions, reported a 9.2% annual achieve in October, down from 10.7% within the earlier month. The annual enhance for the 10-Metropolis Composite was 8.0%, up from 9.6% within the earlier month. The 20-Metropolis Composite was up 8.6% year-on-year from 10.4% the earlier month.

Miami, Tampa and Charlotte reported the very best annual positive aspects among the many 20 cities in October. Miami led the best way with a 21% year-over-year value enhance, adopted by Tampa in second place with a 20.5% enhance, and Charlotte in third place with a 15% enhance. All 20 cities reported lower cost will increase within the yr ended October 2022 than within the yr ended September 2022.
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Earlier than seasonal adjustment, the US Nationwide Index declined -0.5% mother in October, whereas the 10-Metropolis and 20-Metropolis Composites declined -0.7% and -0.8%, respectively.

The US Nationwide Index recorded a seasonally adjusted -0.3% month-on-month declineand the 10-Metropolis and 20-Metropolis Composites each posted declines of -0.5%.

In October, all 20 cities reported declines earlier than and after seasonal changes.

“October 2022 was the fourth straight month of falling residence costs within the US,” mentioned Craig J. Lazzara, managing director at S&P DJI. “For instance, the Nationwide Composite Index fell -0.5% for the month, reflecting a -3.0% decline for the reason that market peaked in June 2022. We noticed comparable patterns throughout our 10 and 20 metropolis composites, each of that are -4.6% off their June highs after October declines of -0.7% and -0.8%, respectively. In fact, these declines got here after very sharp value will increase in late 2021 and the primary half of 2022. Regardless of its current weak spot, the Nationwide Composite is up 9.2% year-on-year, which is within the prime quintile in historical past efficiency ranges.

“Regardless of important regional variations, all 20 cities in our October report mirror these tendencies of short-term declines and medium-term slowdowns. Costs fell in each metropolis in October, with a median change of -0.9%.. 12 months-on-year positive aspects in October have been decrease in all 20 cities than in September; the imply annual enhance within the 20 cities was 8.3%.
Added emphasis

Click on on the graphic for a bigger picture.

The primary chart exhibits the nominal, seasonally adjusted Composite 10, Composite 20 and Nationwide indices (the Composite 20 was launched in January 2000).

The Composite 10 Index is down 0.5% in October (SA) and down 3.8% from the current peak in June 2022.

The Composite 20 Index is down 0.5% (SA) in October and down 3.8% from the current peak in June 2022.

The nationwide index is down 0.3% (SA) in October and down 2.4% from the June 2022 peak.

The second chart exhibits the annual change in all three indices.

The Composite 10 SA is up 8.0% year-on-year. The Composite 20 SA is up 9.6% year-on-year.

Nationwide Index SA is up 9.2% year-on-year.

Annual value will increase have been near expectations. I’ll have extra later.