S&P Cotality Case-Shiller Index Reports Home Price Gain in October

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The S&P Cotality Case-Shiller National Home Price NSA Index showed a 1.4% annual gain for October, up from 1.3% in September.

The 10-city composite showed an annual increase of 1.9%, down from a 2% increase in the previous month.

The 20-city composite posted a year-over-year increase of 1.3%. That compares with 1.4% in September.

On a monthly basis, the pre-seasonally adjusted U.S. National, 10-city composite and 20-city composite Indices all showed negative month-over-month changes, with a 0.2% decrease each for the national numbers and for the 10-city composite and a 0.3% drop for the 20-city composite.

With a seasonal adjustment, the U.S. National Index saw a monthly increase of 0.4% and the 10-city and 20-city saw monthly gains of 0.3%.

“October’s data show the housing market settling into a much slower gear, with the National Composite Index up only about 1.4% year over year–among the weakest performances since mid-2023,” said Nicholas Godec, head of fixed income tradables and commodities at S&P Dow Jones Indices. “This figure is essentially unchanged from September’s 1.3% annual gain and represents less than a third of the 5.1% average home price increase recorded in 2024. National home prices also continue to lag consumer inflation, as October’s CPI is estimated around 3.1% (based on a provisional index the U.S. Treasury announced due to the federal data shutdown)–roughly 1.8 percentage points higher than the latest housing appreciation. In real terms, that gap implies a slight decline in inflation-adjusted home values over the past year.”