Housing demand, as measured by the S&P CoreLogic Case-Shiller National Home Price Index, fell for the second month. The index measures average home prices in major metropolitan areas across the U.S., still rose a strong 19.1% in the year ending October 31, down from a 19.7% annual rate the prior month.
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index is a composite of single-family home price indices for the nine U.S. Census divisions and is calculated monthly. It is included in the S&P CoreLogic Case-Shiller Home Price Index Series which seeks to measure changes in the total value of all existing single-family housing stock.
The index registered an 0.8% seasonally adjusted gain from September. Buoyed by low mortgage rates, home-buying demand has surged in the past year, sending existing-home sales on track to hit their highest annual level since 2006. Home price sales are being pushed to record highs among fierce competition.
The housing market is continuing to react to COVID-related migrations. While all 20 metro areas in the index gained for the month, cities with the largest price gains were Phoenix, Arizona, Tampa, Florida, and Miami.
