The S&P CoreLogic Case-Shiller U.S. National Home Price Index saw a 3.6% annual pickup in October, down from 3.9% one month prior.
The year-over-year increase, while dwindling from previous months, brought the national index to its 17th straight all-time high.
The index’s latest data showed that major cities continued to see larger price gains than the rest of the country, with the 10-city composite index up 4.8% annually in October and the 20-city up 4.2%. Both, however, saw gains diminish from the previous month, with the 10- and 20-city composite indices down from 5.2% and 4.6%, respectively.
New York saw the highest annual increase in October with a 73% uptick in home prices, followed by Chicago at 6.2% and Las Vegas with 5.9%. No cities saw an annual loss in home prices, with Tampa posting the smallest year-over-year rise at 0.4%.
“New York once again reigns supreme as the fastest-growing housing market with annual returns over double the national average,” noted Brian D. Luke, head of commodities, real & digital assets at S&P Dow Jones Indices. “Two markets have dominated the top ranks with New York leading all markets the past six months and San Diego the six months prior. New York is the only market sitting at all-time highs and one of just three markets with gains on the month. Accounting for seasonal adjustments shows a broader rally across the country.
“The annual returns continue to post positive inflation-adjusted returns but are falling well short of the annualized gains experienced this decade,” Luke added. “Markets in Florida and Arizona are rising, but not keeping up with inflation, and are well off the over 10% gains annually from 2020 to present. This has allowed other markets to catch up.”
