S&P CoreLogic Case-Shiller Index Shows Annual Home Price Gains Increased To 4.2% In February

NEW YORK, April 28, 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 February 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 4.2% annual gain in February, up from 3.9% in the previous month. The 10-City Composite annual increase came in at 2.9%, up from 2.6% in the previous month. The 20-City Composite posted a 3.5% year-over-year gain, up from 3.1% in the previous month.

Phoenix, Seattle, Tampa and Charlotte reported the highest year-over-year gains among the 20 cities. In February, Phoenix led the way with a 7.5% year-over-year price increase, followed by Seattle with a 6.0% increase, and Tampa and Charlotte with 5.2% increases. Seventeen of the 20 cities reported higher price increases in the year ending February 2020 versus the year ending January 2020. 

MONTH-OVER-MONTH

The National Index and the 10-City Composite both posted a 0.4% month-over-month increase, while the 20-City Composite posted a 0.5% increase before seasonal adjustment in February. 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 0.4% increases. In February, 19 of 20 cities reported increases before seasonal adjustment while all 20 cities reported increases after seasonal adjustment.

ANALYSIS

"The stable growth pattern established in the last half of 2019 continued into February," 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 4.2% in February 2020, and the 10- and 20-City Composites also advanced (by 2.9% and 3.5%, respectively). Results for the month were broad-based, with gains in every city in our 20-City Composite; 17 of the 20 cities saw accelerating prices. The National, 10-City, and 20-City Composites all rose at a faster rate in February than they had in January.

"At a regional level, Phoenix retains the top spot for the ninth consecutive month, with a gain of 7.5% for February. Home prices in Seattle rose by 6.0%, with Tampa and Charlotte prices both gaining 5.2%. Prices were particularly strong in the West and Southeast, and comparatively weak in the Midwest and Northeast.

"Importantly, today's report covers real estate transactions closed during the month of February, and shows no signs of any adverse effect from the governmental suppression of economic activity in response to the COVID-19 pandemic. As much of the U.S. economy was shuttered in March, next month's data may begin to reflect the impact of these policies on the housing market."

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%

213.16

59.1%

15.5%

20-City

206.52

Jul-06

134.07

Mar-12

-35.1%

219.75

63.9%

6.4%

10-City

226.29

Jun-06

146.45

Mar-12

-35.3%

232.33

58.6%

2.7%

 

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


February 2020

February/January

January'20/December'19

1-Year

Metropolitan Area

Level

Change (%)

Change (%)

Change (%)

Atlanta

155.78

0.5%

0.2%

4.6%

Boston

223.87

-0.1%

-0.4%

4.9%

Charlotte

167.61

0.2%

-0.1%

5.2%

Chicago

142.56

0.2%

-0.9%

0.7%

Cleveland

126.61

0.2%

-0.3%

4.3%

Dallas

193.26

0.1%

0.1%

2.5%

Denver

225.01

0.6%

0.3%

3.4%

Detroit

127.71

0.3%

-0.1%

3.7%

Las Vegas

196.72

0.5%

0.3%

3.5%

Los Angeles

290.67

0.3%

0.3%

3.7%

Miami

248.44

0.4%

0.1%

3.3%

Minneapolis

179.39

0.9%

-0.5%

5.0%

New York

203.83

0.4%

-0.2%

1.5%

Phoenix

201.46

0.7%

0.3%

7.5%

Portland

242.77

0.6%

0.3%

4.9%

San Diego

265.34

0.5%

0.3%

4.6%

San Francisco

268.21

0.9%

-0.4%

3.4%

Seattle

259.65

1.3%

0.8%

6.0%

Tampa

227.03

1.0%

0.0%

5.2%

Washington

235.97

0.5%

0.0%

3.7%

Composite-10

232.33

0.4%

-0.1%

2.9%

Composite-20

219.75

0.5%

0.0%

3.5%

U.S. National

213.16

0.4%

0.0%

4.2%

Sources: S&P Dow Jones Indices and CoreLogic


Data through February 2020














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