Continued Decline in The National House Price Index

Mortgage News February 12, 2023

From the report of S&P CoreLogic Case-Shiller U.S. covering all nine divisions of the U.S. census, the National Home Price NSA Index showed an annual growth of 7.7% in November, down from the previous month’s 9.3%. Coming in at 6.3%, the 10-City Composite annual growth was down from the previous month’s 8.0%. The year-over-year gain for the 20-City Composite was down to 6.8% from the previous month’s 8.7%.

Among the 20 cities, reported with the highest year-over-year growth in November were Miami, Tampa, and Atlanta. With a year-over-year price increase of 18.4%, Miami topped the list followed by Tampa with an increase of 16.9%. Atlanta was third highest with an increase of 12.7%. In the year ending November 2022, all 20 cities reported lower price increases compared to the year ending October 2022.

In November, the U.S. National Index posted a month-over-month decrease of -0.6% before seasonal adjustment, while decreases were posted for the 10-City and 20-City Composites of -0.7% and -0.8%, respectively.

The U.S. National Index posted a decrease of -0.3% month-over-month after seasonal adjustment, and decreases of -0.5% were posted for both the 10-City and 20-City Composites.

Before seasonal adjustments, declines were reported for all 20 cities in November. With only Detroit increasing 0.1%, declines were reported for 19 cities after seasonal adjustments.

Home prices in the U.S. declined for the fifth consecutive month in November 2022 according to the Managing Director at S&P DJI — Craig J. Lazzara. These declines occured after very strong spikes in prices during late 2021 and the first six months of 2022. On a year-over-year basis, the National Composite increased by 7.7% despite its recent weakness.

On a month-over-month basis, all 20 cities in the November report experienced price declines, with a median decline of -0.8%. On a year-over-year basis, all 20 cities in the November report experienced lower gains than in October, with a median gain of 6.4%.

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