Home Prices Rose 3.8% YOY in January, Says Case-Shiller

New York, NY, March 28, 2023-Home prices made a 3.8% annual gain in January, down from 5.6% 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 annual increase came in at 2.5%, down from 4.4% in the previous month. The 20-City Composite posted a 2.5% year-over-year gain, down from 4.6% in the previous month.

Miami, Florida; Tampa, Florida; and Atlanta, Georgia again reported the highest year-over-year gains among the 20 cities in January. Miami led the way with a 13.8% year-over-year price increase, followed by Tampa in second with a 10.5% increase, and Atlanta in third with a 8.4% increase. All 20 cities reported lower prices in the year ending January 2023 versus the year ending December 2022. 

Before seasonal adjustment, the U.S. National Index posted a -0.5% month-over-month decrease in January, while the ten-City and 20-City Composites posted decreases of -0.5% and -0.6%, respectively.

After seasonal adjustment, the U.S. National Index posted a month-over-month decrease of -0.2%, while both the ten-City and 20-City Composites posted decreases of -0.4%.

In January, before seasonal adjustment, 19 cities reported declines with only Miami reporting an increase at 0.1%. After seasonal adjustment, 15 cities reported declines while Miami; Boston, Massachusettes; Charlotte, North Carolina; and Cleveland, Ohio had slight increases.