The latest S&P / Case-Shiller® Home Price Index® numbers were published today.

The new report covers home sales during the period June to August 2022. This means they now reflect the weakening in the market during the third quarter.

Comparing with the previous month's series we see the following changes:

1. Cleveland -0.08%
2. Miami -0.12%
3. Charlotte -0.34%
4. Atlanta -0.40%
5. Chicago -0.48%
6. Tampa -0.51%
7. New York -0.54%
8. Detroit -0.64%
9. Minneapolis -0.95%
10. Boston -1.21%
11. La Vegas -1.33%
12. Washington -1.53%
13. Dallas -1.91%
14. Portland -1.94%
15. Phoenix -2.14%
16. Los Angeles -2.25%
17. Denver -2.29%
18. San Diego -2.76%
19. Seattle -3.87%
20. San Francisco -4.28%

Phoenix has dropped from 9th to 15th place and no longer remains above the national average, which was -1.07%.

The table looks very different from last month. All 20 cities are in negative territory month to month although the Southeast remains relatively strong, along with parts of the North. The Pacific Coast cities are most affected by the downturn especially the very expensive locations of San Francisco and Seattle. In the latter two cities, the drop in home price index is more than twice that of Phoenix.

I don't believe we have ever seen Cleveland top of the table before.

Comparing year over year, we see the following changes:

1. Miami +28.6%
2. Tampa +28.0%
3. Charlotte +21.3%
4. Dallas +20.2%
5. Atlanta +20.1%
6. Las Vegas +17.5%
7. Phoenix +17.1%
8. San Diego +12.7%
9. New York +12.3%
10. Los Angeles +12.1%
11. Denver +12.0%
12. Cleveland +11.5%
13. Boston +11.4%
14. Chicago +11.3%
15. Seattle +9.9%
16. Detroit +9.7%
17. Portland +8.6%
18. Minneapolis +7.6%
19. Washington +7.4%
20. San Francisco +5.6%

The average change nationwide was +13.0%, so Phoenix remained ahead of that measure. However it slipped from 6th to 7th place.

Bottom of both tables, San Francisco would seem to be in the most trouble.

Market insights provided by the Cromford Report.