Home Prices Rose 2.6% in August
New York, NY October 31, 2023-Home prices rose 2.6% in August, up from a 1.0% change in the previous month, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions. The Ten-City Composite showed an increase of 3.0%, up from a 1.0% increase in the previous month. The 20-City Composite posted a year-over-year increase of 2.2%, a slight increase of 0.2% in the previous month.
Chicago led the way for the fourth consecutive month, reporting the highest year-over-year gain among the 20 cities in August. For this month, seven of 20 cities reported lower prices. Twelve of the 20 cities reported higher prices in the year ending August 2023 versus the year ending July 2023. Nineteen of the 20 cities show a positive trend in year-over-year price acceleration compared to the prior month.
Before seasonal adjustment, the U.S. National Index,10-City and 20-City Composites, all posted a 0.4% month-over-month increase in August.
After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 0.9%, while the 10-City and 20-City Composites posted a 1.0% increase each.