U.S. Home Prices Rise for Seventh Straight Month

U.S. home prices continued an upward trend in August, as demand for housing outpaced supply. Overall, U.S. home prices were up 0.4% from July to August, according to the seasonally unadjusted S&P CoreLogic Case-Shiller U.S. National Home Price Index, which measures average home prices across the nation. That was the seventh consecutive month that prices have increased. On an annual basis, home prices were up 2.6% as of August 2023. While that was the largest year-over-year increase in seven months, it was well below the historic peaks of 20.8% seen in March and April 2022. Looking at more granular results, the S&P CoreLogic Case-Shiller 20-City Composite Index, which tracks prices in the 20 largest metros, posted a 0.4% month-over-month gain and 2.2% growth year-over-year. As of August, 13 of the 20 cities in the index reported month-over-month price increases, with the largest monthly increase in Miami (1.2%), followed by Las Vegas (1.1%). On an annual basis, 12 of the 20 metro areas recorded higher prices, with the biggest hikes in Chicago and New York (both at 5%). Notable year-over-year increases were also recorded in Detroit (4.8%) and San Diego (4.1%). The deepest annual pullbacks were in Las Vegas (-4.9%), Phoenix (-3.9%) and San Francisco (-2.5%).