The S&P CoreLogic Case-Shiller home price index – which includes data from all nine U.S. Census divisions – recorded a 4.8% annual increase in October 2023. The 10-city and 20-city composites also reported year-over-year increases of 5.7% and 4.9%, respectively.
Three cities led the way in terms of the pace of growth in home prices in the latest report.
"Detroit kept pace as the fastest growing market for the second month in a row, registering an 8.1% annual gain," Luke said. He noted that San Diego remained second with a 7.2% annual gain, followed by New York with a 7.1% gain.
HOUSING STARTS UNEXPECTEDLY SURGE IN NOVEMBER AS MORTGAGE RAATES FALL
Luke noted that the U.S. is "experiencing home price appreciation across the country" with steady gains observed in 19 of 20 cities. "This month’s report reflects [trend line] growth compared to historical returns and little disparity among cities and regions."
"Each of our 10-city, 20-city and National Index, remain at all-time highs, with 8 of 20 cities registering all-time highs (Miami, Atlanta, Chicago, Boston, Detroit, Charlotte, New York and Cleveland)," he added. "While Portland remains slightly down compared to last year’s gains, Phoenix and Las Vegas have flipped to year over year gains."
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