In June 2023, home prices were the same year-to-year – no increase or decrease – but they rose almost 1% in a month-to-month comparison.
NEW YORK – S&P Dow Jones Indices (S&P DJI) data released for June 2023 show all 20 major metro markets reported month-over-month price increases for the fourth straight month, and prices were virtually unchanged year-to-year.
“U.S. home prices continued to increase in June 2023,” says Craig J. Lazzara, managing director at S&P DJI. “Our National Composite rose by 0.9% in June, and it now stands only 0.02% below its all-time peak from exactly one year ago. Our 10- and 20-City Composites likewise each gained 0.9% in June 2023, and stand -0.5% and -1.2%, respectively, below their June 2022 peaks.”
Lazzara calls the home price recovery broadly based: “Prices rose in all 20 cities in June, both before and after seasonal adjustment. Over the last 12 months, 10 cities show positive returns,” meaning 50 cities are currently seeing all-time-high prices.
Year-over-year
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, found a 0.0% annual change in June, up from a loss of -0.4% one month before.
The 10-City Composite showed a decrease of -0.5%, which improves on the -1.1% decrease the previous month. The 20-City Composite posted a year-over-year loss of -1.2%, up from -1.7% in the previous month.
Chicago, Cleveland, and New York led the way reporting the highest year-over-year gains among the 20 cities in June. Chicago remained in the top spot with a 4.2% year-over-year price increase, with Cleveland at No. 2 with a 4.1% increase, and New York third with a 3.4% increase.
Month-over-month
Before seasonal adjustment, the U.S. National Index posted a 0.9% month-over-month increase in June, while the 10-City and 20-City Composites also posted like increases of 0.9%.
After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 0.7%, while the 10-City and 20-City Composites both posted increases of 0.9%.
“Regional differences continue to be striking,” says Lazzara. “On a year-over-year basis, June’s three best-performing cities were Chicago, Cleveland and New York – the same three that had topped our May leader board. At the other end of the scale, the worst performers continue to be in the Pacific and Mountain time zones, with San Francisco and Seattle at the bottom.”
June is the fifth consecutive month in a row to see home prices increase across the U.S.
“We recognize that the market’s gains could be truncated by increases in mortgage rates or by general economic weakness, but the breadth and strength of this month’s report are consistent with an optimistic view of future results,” says Lazzara.
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