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Case-Shiller House Price Index Reveals Steep September Declines

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Housing Markets

Case-Shiller House Price Index Reveals Steep September Declines

Despite persistent annual growth, the September Case-Shiller National House Price Index (HPI) revealed significant home price declines in some overheated housing markets 


November 30, 2022
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The most recent Case-Shiller House Price Index (HPI) revealed a seasonally adjusted monthly decrease of -0.76% in September, though the Federal Housing Finance Agency (FHFA) HPI posted a 0.1% gain in September, according to the CalculatedRisk Newsletter. 

On a seasonally adjusted basis, home prices fell in every city tracked by the Case-Shiller index on a month-to-month basis, but the largest monthly declines were in San Francisco, Phoenix, and Las Vegas, where prices fell by -2.2%, -2.1%, and -2.1%, respectively. 

The Case-Shiller Home Price Indices for “September” is a 3-month average of July, August and September closing prices. July closing prices include some contracts signed in May, so there is a significant lag to this data.

The MoM decrease in Case-Shiller was at -0.76% seasonally adjusted. This was the third consecutive MoM decrease, and slightly less than the decrease last month. This suggests prices fell sharply for September closings.

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