Liz Kiesche,
Mohammed Haneefa Nizamudeen
- The S&P CoreLogic Case-Shiller Home Price Index showed that home price growth continued strong in October. The HPI composite for 20 cities, seasonally adjusted, rose 0.6% M/M vs. +0.6% expected and +0.7% in September.
- HPI composite for 20 cities, not seasonally adjusted: +0.1% M/M vs. +0.2% prior.
- But the annual pace of inflation was the highest of the year. The unadjusted composite for 20 cities rose 4.9% Y/Y, vs. the 5.0% expected and +3.9% in September.
- “Home prices leaned into the highest mortgage rates recorded in this market cycle and continued to push higher,” said Brian D. Luke, head of Commodities, Real & Digital assets at S&P DJI. “With mortgage rates easing and the Federal Reserve guiding toward a slightly more accommodative stance, homeowners may be poised to see more appreciation.”
- Detroit was the fastest-growing market for the second straight month, with a 8.1% annual gain. San Diego followed with a 7.2% gain, with New York registering as the third biggest annual gain at 7.1%.
- “This month’s report reflects trendline growth compared to historical returns and little disparity among cities and regions,” Luke said.
This was corrected on 12/26/2023 at 9:25 AM. In the fifth bullet, a previous version incorrectly stated the San Diego Y/Y ncrease was 7.1%
