Home Prices Nationwide See Three Percent Gain in October
December 31, 2019
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 3.3 percent annual gain in October, up from 3.2 percent in the previous month. The 10-City Composite annual increase came in at 1.7 percent, up from 1.5 percent the previous month. The 20-City Composite posted a 2.2 percent year-over-year gain, up from 2.1 percent in the previous month.
“A slight re-strengthening in home price growth is not a surprise. Demand remains strong and supply is lacking. Moreover, faster price appreciation in warmer, southern states reflect the ongoing migratory trend of people moving out of expensive regions of the country to more affordable parts,” said National Association of Realtors (NAR) Chief Economist Lawrence Yun. “In 2020, more home building activity and consequent growth in supply should tame down home price gains. That’s a healthy development for potential home buyers. Southern cities should once again do better than most other markets.”
Phoenix, Tampa and Charlotte reported the highest year-over-year gains among the 20 cities, with year-over-year price increases of 5.8 percent, 4.9 percent and 4.8 percent, respectively.
Twelve of the 20 cities reported higher price increases for the year ending October 2019 versus the year ending September 2019.
The National Index, 10-City and 20-City Composites posted a month over month increase of 0.1 percent in October before seasonal adjustment.
After seasonal adjustment, the National Index recorded a 0.5 percent increase in October, while the 10-City Composite and the 20-City Composite both posted a 0.4 percent increase.
Eight of 20 cities reported increases before seasonal adjustment while 18 of 20 cities reported increases after seasonal adjustment. Measured from its June 2006 peak, the 10-City Composite is up 2.2 percent. The 20-City Composite has eclipsed its July 2006 peak by 5.8 percent. The National Index is up 15.1 percent from its July 2006 peak.
"October’s U.S. housing data continue to be reassuring,” said Craig J. Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices. “With October’s 3.3 percent increase in the national composite index, home prices are currently more than 15 percent above the pre-financial crisis peak reached July 2006. October’s results were broad-based, as both our 10- and 20-city composites rose. Of the 20 cities in the composite, only San Francisco saw a year-over-year price decline in October."
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