S&P Dow Jones
Indices (S&P DJI) announced on Tuesday its Case-Shiller Home Price Index,
which tracks home prices in 20 U.S. metropolitan areas, registered a 6.1 per
cent y-o-y surge in December 2023, following an unrevised 5.4 per cent y-o-y jump in November. This represented the largest annual gain in house
prices since November 2022 (+6.9 per cent).
Economists had predicted
a rise of 6.0 per cent y-o-y.
According to
the report, all 20 cities posted
y-o-y increases in prices in December, led by San Diego (+8.8 per cent y-o-y), Detroit
(+8.3 per cent y-o-y), and Los Angeles (+8.3 per cent y-o-y).
The
S&P/Case-Shiller U.S. National Home Price Index, which measures all nine
U.S. census divisions, jumped 5.5 per cent y-o-y in December, following a downwardly
revised 5.0 per cent y-o-y rise (from +5.1 per cent y-o-y) in the previous
month.
On m-o-m basis,
the U.S. National Index fell 0.4 per cent, while the 20-City Composite dropped
0.3 per cent.