The S&P Case-Shiller Home Price Index is among the most closely watched measures of U.S. home prices. The index, which tracks both monthly and annual changes in home values, has been collecting data for nearly 30 years. According to the most recent release, home prices continue to slow in metro areas across the country.
Craig J. Lazzara, managing director at S&P, says November marked five consecutive month-over-month declines. “November 2022 marked the fifth consecutive month of declining home prices in the U.S.,” Lazzara said. “ These declines, of course, came after very strong price increases in late 2021 and the first half of 2022. Despite its recent weakness, on a year-over-year basis the National Composite gained 7.7 percent, which is in the 74th percentile of historical performance levels.”
Regionally, year-over-year gains were not evenly distributed, with West Coast cities seeing smaller increases than cities in the South where prices continue to see double-digit gains from year-before levels.
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