The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 5.5% annual gain in October, remaining the same from the previous month. The 10-City Composite annual increase came in at 4.7%, down from 4.9% in the previous month. The 20-City Composite posted a 5.0% year-over-year gain, down from 5.2% in the previous month.

Las Vegas, San Francisco and Phoenix reported the highest year-over-year gains among the 20 cities. In October, Las Vegas led the way with a 12.8% year-over-year price increase, followed by San Francisco with a 7.9% increase and Phoenix with a 7.7% increase. Six of the 20 cities reported greater price increases in the year ending October 2018 versus the year ending September 2018.

The spread between the Case-Shiller 20 metro YoY and the Case-Shiller 20+ (National) YoY is negative indicating that smaller metro areas are growing faster than just the 20 large metro areas.

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The fact that I moved from Phoenix AZ to Washington DC doesn’t explain that DC is the slowest growing area in terms of home prices while Phoenix is the third fastest.

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Are high home prices relative to income growth finally starting to sink in?

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