US Housing Holds Steady: S&P Index Up, FHFA Reports Minor Dip in January 2024

S&P CoreLogic Case-Shiller Index Shows Resilience

The S&P CoreLogic Case-Shiller Index, a critical gauge for US home prices, evidenced a firm upward trend in January 2024. Significantly, three out of the twenty major metropolitan markets demonstrated month-over-month price increases. This continuation of growth is noteworthy as it indicates persistent strength in certain sectors of the housing market. The National Home Price NSA Index reflected a 6.0% annual gain in January, an uptick from the previous month’s 5.6%. The 10-City and 20-City Composites also posted increases, underscoring a nationwide trend. Notably, San Diego led with an 11.2% year-over-year gain, followed by Los Angeles at 8.6%. Even Portland, which ranked lowest, showed a positive trajectory with a 0.9% increase.