S&P/Case-Shiller Home Price Indices as of August 2023

S&P/Case-Shiller Home Price Index August 2023

The S&P/Case-Shiller Home Price Index measures the value of single-family homes in 20 major metropolitan areas in the United States. The index is released monthly, with a two-month lag.

The August 2023 S&P/Case-Shiller Home Price Index showed that home prices continued to rise in most markets, but at a slower pace than in previous months. The national index rose 0.98% from July 2023, and 4.73% from August 2022.

The top five markets in terms of year-over-year price growth were:

1. Chicago, IL: 4.39%
2. Cleveland, OH: 4.04%
3. New York, NY: 3.83%
4. Detroit, MI: 3.20%
5. Atlanta, GA: 2.16%

The bottom five markets in terms of year-over-year price growth were:

1. Tampa, FL: -0.76%
2. Denver, CO: -2.84%
3. Portland, OR: -3.29%
4. Dallas, TX: -3.38%
5. Seattle, WA: -5.49%

It is important to note that the S&P/Case-Shiller Home Price Index is a lagging indicator, meaning that it reflects price changes that have already occurred. The index does not predict future price movements.

Analysis

The August 2023 S&P/Case-Shiller Home Price Index showed that the housing market is continuing to cool, but at a gradual pace. Home prices are still rising in most markets, but the rate of growth is slowing down. This is likely due to a number of factors, including rising interest rates, inflation, and a tight labor market.

The markets that are seeing the strongest price growth are generally more affordable and have a lower cost of living. The markets that are seeing the weakest price growth are generally more expensive and have a higher cost of living.

It is unclear how the housing market will perform in the coming months. However, it is likely that home price growth will continue to slow down, and some markets may even see price declines.

Source:https://www.spglobal.com/spdji/en/index-family/indicators/sp-corelogic-case-shiller/sp-corelogic-case-shiller-composite/#overview