S&P CoreLogic Case-Shiller Index Shows Resilience

The S&P CoreLogic Case-Shiller Index, a critical gauge for US home prices, evidenced a firm upward trend in January 2024. Significantly, three out of the twenty major metropolitan markets demonstrated month-over-month price increases. This continuation of growth is noteworthy as it indicates persistent strength in certain sectors of the housing market. The National Home Price NSA Index reflected a 6.0% annual gain in January, an uptick from the previous month’s 5.6%. The 10-City and 20-City Composites also posted increases, underscoring a nationwide trend. Notably, San Diego led with an 11.2% year-over-year gain, followed by Los Angeles at 8.6%. Even Portland, which ranked lowest, showed a positive trajectory with a 0.9% increase.

FHFA House Price Index: A Slight Dip

In contrast, the Federal Housing Finance Agency’s (FHFA) House Price Index reported a marginal decline of 0.1% in January from December. Despite this slight month-over-month dip, the annual perspective remains robust, with a 6.3% increase from the previous year. This decrease, the first since August 2022, aligns with a broader market recalibration. The regional breakdown reveals a mixed bag, with the South Atlantic division experiencing a 0.6% decrease and the West North Central division a 1.5% increase. The year-over-year data, however, uniformly showed positive growth across all nine census divisions, reinforcing the long-term strength of the housing market.