S&P CoreLogic Case-Shiller Index Shows Continued Growth in Annual Home Price Gains to Start 2020

NEW YORK, March 31, 2020 — (PRNewswire) — S&P Dow Jones Indices today released the latest results for the S&P CoreLogic Case-Shiller Indices, the leading measure of U.S. home prices. Data released today for January 2020 show that home prices continue to increase at a modest rate across the U.S. More than 27 years of history are available for these data series, and can be accessed in full by going to www.spdji.com.

YEAR-OVER-YEAR 

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 3.9% annual gain in January, up from 3.7% in the previous month. The 10-City Composite annual increase came in at 2.6%, up from 2.3% in the previous month. The 20-City Composite posted a 3.1% year-over-year gain, up from 2.8% in the previous month.

Phoenix, Seattle and Tampa reported the highest year-over-year gains among the 20 cities. In January, Phoenix led the way with a 6.9% year-over-year price increase, followed by 5.1% increases in Seattle and Tampa. Fourteen of the 20 cities reported higher price increases in the year ending January 2020 versus the year ending December 2019. 

MONTH-OVER-MONTH

The National Index and 20-City Composite were flat month-over-month, while the 10-City Composite posted a 0.1% decrease before seasonal adjustment in January. After seasonal adjustment, the National Index posted a month-over-month increase of 0.5%, while the 10-City and 20-City Composites both posted 0.3% increases. In January, 10 of 20 cities reported increases before seasonal adjustment while 18 of 20 cities reported increases after seasonal adjustment.

ANALYSIS

"The trend of stable growth established in 2019 continued into the first month of the new year," says Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P Dow Jones Indices. "The National Composite Index rose by 3.9% in January 2020, and the 10- and 20-City Composites also advanced (by 2.6% and 3.1% respectively).  Results for the month were broad-based, with gains in every city in our 20-City Composite; 14 of the 20 cities saw accelerating prices. As has been the case since mid-2019, after a long period of decelerating price increases, the National, 10-City, and 20-City Composites all rose at a faster rate in January than they had done in December.

"At a regional level, Phoenix retains the top spot for the eighth consecutive month, with a gain of 6.9% for January. Seattle, Tampa, and San Diego all rose by 5.1%. Housing prices were particularly strong in the West and South, and comparatively weak in the Midwest and Northeast.

"It is important to bear in mind that today's report covers real estate transactions closed during the month of January. The COVID-19 pandemic did not begin to take hold in the U.S. until late February, and thus whatever impact it will have on housing prices is not reflected in today's data."

SUPPORTING DATA 

Table 1 below shows the housing boom/bust peaks and troughs for the three composites along with the current levels and percentage changes from the peaks and troughs.


2006 Peak

2012 Trough

Current

 

Index

 

Level

 

Date

 

Level

 

Date

From Peak
(%)

 

Level

From Trough
(%)

From Peak
(%)

National

184.61

Jul-06

134.00

Feb-12

-27.4%

212.43

58.5%

15.1%

20-City

206.52

Jul-06

134.07

Mar-12

-35.1%

218.62

63.1%

5.9%

10-City

226.29

Jun-06

146.45

Mar-12

-35.3%

231.27

57.9%

2.2%

 

Table 2 below summarizes the results for January 2020. The S&P CoreLogic Case-Shiller Indices are revised for the prior 24 months, based on the receipt of additional source data.


January 2020

January/December

December/November

1-Year

Metropolitan Area

Level

Change (%)

Change (%)

Change (%)

Atlanta

155.03

0.1%

-0.1%

4.5%

Boston

224.03

-0.3%

0.0%

4.5%

Charlotte

167.26

-0.1%

0.0%

4.9%

Chicago

142.36

-0.9%

-0.2%

0.6%

Cleveland

126.34

-0.3%

-0.7%

3.9%

Dallas

193.05

0.1%

-0.2%

2.6%

Denver

223.69

0.3%

-0.1%

3.8%

Detroit

127.37

-0.1%

-0.2%

3.5%

Las Vegas

195.84

0.3%

0.1%

3.2%

Los Angeles

289.80

0.3%

-0.1%

3.4%

Miami

247.37

0.0%

0.1%

2.9%

Minneapolis

177.35

-0.7%

-0.6%

3.4%

New York

202.70

-0.3%

0.1%

0.8%

Phoenix

200.01

0.2%

0.6%

6.9%

Portland

240.95

0.2%

0.1%

4.1%

San Diego

264.04

0.3%

0.0%

5.1%

San Francisco

265.46

-0.5%

0.1%

3.0%

Seattle

256.09

0.7%

0.2%

5.1%

Tampa

225.29

0.2%

0.1%

5.1%

Washington

234.86

0.0%

0.1%

3.5%

Composite-10

231.27

-0.1%

0.0%

2.6%

Composite-20

218.62

0.0%

0.0%

3.1%

U.S. National

212.43

0.0%

0.0%

3.9%

Sources: S&P Dow Jones Indices and CoreLogic


Data through January 2020














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