2019 was a big year for housing as it brought in a period of relative stability compared to the rest of the decade. And based on the S&P CoreLogic Case-Shiller U.S. National Home Price Index, the housing market’s good fortune will continue into 2020: The October results suggest the market is ready for reacceleration. Although the industry still faces a dramatic housing shortage, this is a positive sign that the market is healthy and growing.
- The S&P CoreLogic Case-Shiller U.S. National Home Price Index® rose 3.3% year-over-year in October (non-seasonally adjusted), up from 3.2% in September. Annual growth was also up from September in the smaller 10-city index (to 1.7%, from 1.5%) and in the 20-city index (to 2.2%, from 2.1%).
- Phoenix (+5.8%), Tampa (+4.9%) and Charlotte (+4.8%) reported the highest year-over-year gains among markets in the 20-city index.
2019 was a year of transition in housing, marked by a significant and consistent slowdown in home price appreciation. But as the year draws to a close, signs suggest the market has achieved a soft landing and may even be primed for a reacceleration.
The national Case-Shiller Home Price Index rose 3.3% year-over-year in October. The smaller 10- and 20-city composite indices grew more slowly, at 1.7% and 2.2% year-over-year, respectively. On a monthly (seasonally adjusted) basis, the 10-city index rose by 0.4% in October from September, and the 20-city index was also up 0.4% over the same period.
Advertisement
Related Stories
Housing Markets
Metros Where Housing Prices Have Doubled in Less Than 10 Years
Historical data show it's taken less than 10 years for home prices to double in 68 of the country’s 100 largest cities
Housing Policy + Finance
Even With Inflation Running Hot and Elevated Mortgage Rates, Buyer Demand Rises
Mortgage rates will likely stay high for the next few months, but that doesn't seem to be deterring homebuyers
Financing
Q1 2024 Foreclosure Activity Rises Slightly
Data show New York, Houston, and Chicago topping the list of major metros with the greatest number of foreclosure starts during Q1 2024