S&P CoreLogic Case-Shiller HPI: 5.5% Annual Home Price Gain in December

The S&P CoreLogic Case-Shiller Home Price Index reported a 5.5% annual gain in December, up from 5% in November.

The 10-City Composite metric increased by 7%, up from 6.3% in November.

The 20-City Composite saw a year-over-year rise of 6.1%, up from 5.4% in November.

“U.S. home prices faced significant headwinds in the fourth quarter of 2023,” said Brian Luke, Head of Commodities, Real & Digital Assets at S&P Dow Jones Indices. “However, on a seasonally adjusted basis, the S&P Case-Shiller Home Price Indices continued its streak of seven consecutive record highs in 2023.”

“Looking back at the year, 2023 appears to have exceeded average annual home price gains over the past 35 years. With trend growth at the national level of 4.7%, a 5.5% return demonstrates solid, steady growth,” Luke continued.

On a month-over-month basis, the U.S. National Index fell 0.4%, the 10-City Composite saw a 0.2% drop and the 20-City Composite fell by 0.3%.

The Federal Housing Finance Agency also released its Home Price Index.

From fourth-quarter 2022 to fourth-quarter 2023, home prices grew 6.5%. Prices were up 1.5% from Q3 2023 to Q4.

“U.S. house prices increased modestly over the course of 2023,” said Anju Vajja, Acting Deputy Director for FHFA’s Division of Research and Statistics. “However, the market showed signs of softening as house price appreciation was lower in the fourth quarter of the year than in the previous quarter.”