NEW YORK, Dec. 31, 2019 /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 October
2019 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 3.3%
annual gain in October, up from 3.2% in the previous month. The
10-City Composite annual increase came in at 1.7%, up from 1.5% in
the previous month. The 20-City Composite posted a 2.2%
year-over-year gain, up from 2.1% in the previous month.
Phoenix, Tampa and Charlotte reported the highest year-over-year
gains among the 20 cities. In October, Phoenix led the way with a 5.8% year-over-year
price increase, followed by Tampa
with a 4.9% increase and Charlotte
with a 4.8% increase. Twelve of the 20 cities reported greater
price increases in the year ending October
2019 versus the year ending September
2019.
MONTH-OVER-MONTH
The National Index, 10-City and 20-City Composites all posted a
month-over-month increase of 0.1% before seasonal adjustment in
October. After seasonal adjustment, the National Index recorded a
0.5% month-over-month increase in October while the 10-City and
20-City Composites both posted a 0.4% increase. In October, eight
of 20 cities reported increases before seasonal adjustment while 18
of 20 cities reported increases after seasonal adjustment.
ANALYSIS
"October's U.S. housing data continue to be reassuring," says
Craig J. Lazzara, Managing Director
and Global Head of Index Investment Strategy at S&P Dow Jones
Indices. "With October's 3.3% increase in the national composite
index, home prices are currently more than 15% above the
pre-financial crisis peak reached July
2006. October's results were broad-based, as both our 10-
and 20-city composites rose. Of the 20 cities in the composite,
only San Francisco saw a
year-over-year price decline in October.
"At a regional level, Phoenix
retains the top spot for the fifth consecutive month with October's
5.8% year-over-year gain. The Southeast region was also strong, as
Tampa, Charlotte, and Atlanta all rose by more than 4.0%.
"As was the case last month, after a long period of decelerating
price increases, the national, 10-city, and 20-city composites all
rose at a modestly faster rate in October compared to September.
This stability was broad-based, reflecting data in 12 of 20 cities.
It is, of course, still too soon to say whether this marks an end
to the deceleration or is merely a pause in the longer-term
trend."
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%
|
218.43
|
62.9%
|
5.8%
|
10-City
|
226.29
|
Jun-06
|
146.45
|
Mar-12
|
-35.3%
|
231.16
|
57.8%
|
2.2%
|
Table 2 below summarizes the results for October 2019. The S&P CoreLogic Case-Shiller
Indices are revised for the prior 24 months, based on the receipt
of additional source data.
|
October
2019
|
October/September
|
September/August
|
1-Year
|
Metropolitan
Area
|
Level
|
Change
(%)
|
Change
(%)
|
Change
(%)
|
Atlanta
|
154.59
|
0.4%
|
0.2%
|
4.2%
|
Boston
|
223.73
|
0.0%
|
-0.5%
|
3.4%
|
Charlotte
|
166.50
|
0.4%
|
0.3%
|
4.8%
|
Chicago
|
145.10
|
-0.4%
|
-0.8%
|
0.5%
|
Cleveland
|
127.80
|
-0.5%
|
0.5%
|
3.3%
|
Dallas
|
192.90
|
-0.1%
|
0.2%
|
2.9%
|
Denver
|
223.25
|
0.0%
|
0.0%
|
3.3%
|
Detroit
|
128.45
|
-0.5%
|
-0.1%
|
3.1%
|
Las Vegas
|
194.32
|
-0.2%
|
0.2%
|
2.3%
|
Los
Angeles
|
288.35
|
0.4%
|
0.4%
|
2.0%
|
Miami
|
246.36
|
0.3%
|
0.3%
|
3.3%
|
Minneapolis
|
180.44
|
-0.2%
|
0.1%
|
4.2%
|
New York
|
202.67
|
0.3%
|
0.3%
|
0.8%
|
Phoenix
|
197.65
|
0.5%
|
0.4%
|
5.8%
|
Portland
|
240.04
|
-0.5%
|
0.0%
|
2.7%
|
San Diego
|
262.56
|
-0.2%
|
0.0%
|
2.9%
|
San
Francisco
|
266.05
|
-0.4%
|
-0.6%
|
-0.4%
|
Seattle
|
253.79
|
-0.3%
|
-0.3%
|
2.5%
|
Tampa
|
223.53
|
0.6%
|
0.7%
|
4.9%
|
Washington
|
234.63
|
0.3%
|
-0.2%
|
3.0%
|
Composite-10
|
231.16
|
0.1%
|
0.0%
|
1.7%
|
Composite-20
|
218.43
|
0.1%
|
0.1%
|
2.2%
|
U.S.
National
|
212.43
|
0.1%
|
0.1%
|
3.3%
|
Sources: S&P
Dow Jones Indices and CoreLogic
|
Data through
October 2019
|
Table 3 below shows a summary of the monthly changes using the
seasonally adjusted (SA) and non-seasonally adjusted (NSA) data.
Since its launch in early 2006, the S&P CoreLogic Case-Shiller
Indices have published, and the markets have followed and reported
on, the non-seasonally adjusted data set used in the headline
indices. For analytical purposes, S&P Dow Jones Indices
publishes a seasonally adjusted data set covered in the headline
indices, as well as for the 17 of 20 markets with tiered price
indices and the five condo markets that are tracked.
|
October/September
Change (%)
|
September/August
Change (%)
|
Metropolitan
Area
|
NSA
|
SA
|
NSA
|
SA
|
Atlanta
|
0.4%
|
0.7%
|
0.2%
|
0.6%
|
Boston
|
0.0%
|
0.5%
|
-0.5%
|
-0.1%
|
Charlotte
|
0.4%
|
0.5%
|
0.3%
|
0.5%
|
Chicago
|
-0.4%
|
0.3%
|
-0.8%
|
-0.2%
|
Cleveland
|
-0.5%
|
0.2%
|
0.5%
|
0.5%
|
Dallas
|
-0.1%
|
0.2%
|
0.2%
|
0.4%
|
Denver
|
0.0%
|
0.5%
|
0.0%
|
0.3%
|
Detroit
|
-0.5%
|
0.0%
|
-0.1%
|
0.3%
|
Las Vegas
|
-0.2%
|
0.2%
|
0.2%
|
0.3%
|
Los
Angeles
|
0.4%
|
0.7%
|
0.4%
|
0.7%
|
Miami
|
0.3%
|
0.4%
|
0.3%
|
0.3%
|
Minneapolis
|
-0.2%
|
0.3%
|
0.1%
|
0.5%
|
New York
|
0.3%
|
0.4%
|
0.3%
|
0.4%
|
Phoenix
|
0.5%
|
0.5%
|
0.4%
|
0.6%
|
Portland
|
-0.5%
|
0.3%
|
0.0%
|
0.3%
|
San Diego
|
-0.2%
|
0.2%
|
0.0%
|
0.4%
|
San
Francisco
|
-0.4%
|
-0.2%
|
-0.6%
|
-0.2%
|
Seattle
|
-0.3%
|
0.7%
|
-0.3%
|
0.8%
|
Tampa
|
0.6%
|
0.6%
|
0.7%
|
0.6%
|
Washington
|
0.3%
|
0.5%
|
-0.2%
|
0.3%
|
Composite-10
|
0.1%
|
0.4%
|
0.0%
|
0.3%
|
Composite-20
|
0.1%
|
0.4%
|
0.1%
|
0.3%
|
U.S.
National
|
0.1%
|
0.5%
|
0.1%
|
0.4%
|
Sources: S&P
Dow Jones Indices and CoreLogic
|
Data through
October 2019
|
|
For more information about S&P Dow Jones Indices, please
visit www.spdji.com.
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The S&P CoreLogic Case-Shiller Indices are published on the
last Tuesday of each month at 9:00 am
ET. They are constructed to accurately track the price path
of typical single-family homes located in each metropolitan area
provided. Each index combines matched price pairs for thousands of
individual houses from the available universe of arms-length sales
data. The S&P CoreLogic Case-Shiller U.S. National Home Price
Index tracks the value of single-family housing within the United States. The index is a composite of
single-family home price indices for the nine U.S. Census divisions
and is calculated quarterly. The S&P CoreLogic Case-Shiller
10-City Composite Home Price Index is a value-weighted average of
the 10 original metro area indices. The S&P CoreLogic
Case-Shiller 20-City Composite Home Price Index is a value-weighted
average of the 20 metro area indices. The indices have a base value
of 100 in January 2000; thus, for
example, a current index value of 150 translates to a 50%
appreciation rate since January 2000
for a typical home located within the subject market.
These indices are generated and published under agreements
between S&P Dow Jones Indices and CoreLogic, Inc.
The S&P CoreLogic Case-Shiller Indices are produced by
CoreLogic, Inc. In addition to the S&P CoreLogic Case-Shiller
Indices, CoreLogic also offers home price index sets covering
thousands of zip codes, counties, metro areas, and state markets.
The indices, published by S&P Dow Jones Indices, represent just
a small subset of the broader data available through CoreLogic.
Case-Shiller® and CoreLogic® are
trademarks of CoreLogic Case-Shiller, LLC or its affiliates or
subsidiaries ("CoreLogic") and have been licensed for use by
S&P Dow Jones Indices. None of the financial products based on
indices produced by CoreLogic or its predecessors in interest are
sponsored, sold, or promoted by CoreLogic, and neither CoreLogic
nor any of its affiliates, subsidiaries, or predecessors in
interest makes any representation regarding the advisability of
investing in such products.
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SOURCE S&P Dow Jones Indices