Home prices climb nearly 5% in October, largest increase of 2023: Case-Shiller

foxbusiness.com:

Housing and macroeconomic analyst Amy Nixon says the post-pandemic home price correction has not started yet.

New data released Tuesday showed that home prices accelerated at their fastest annual rate of the year in October.

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.

«U.S. home prices accelerated at their fastest annual rate of the year in October,» said Brian D. Luke, head of commodities, real and digital assets at S&P Dow Jones Indices, in a statement. «Our National Composite rose by 0.2% in October, marking nine consecutive monthly gains and the strongest national growth rate since 2022.»

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Home prices grew at the fastest rate of the year in October, according to the S&P CoreLogic Case-Shiller home price index. (Saul Loeb / AFP / Getty Images)

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.

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Luke noted that the U.S. is «experiencing [broad-based] 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