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
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
January
'20/December '19 Change (%)
|
December/November
Change (%)
|
Metropolitan
Area
|
NSA
|
SA
|
NSA
|
SA
|
Atlanta
|
0.1%
|
0.7%
|
-0.1%
|
0.3%
|
Boston
|
-0.3%
|
0.2%
|
0.0%
|
0.6%
|
Charlotte
|
-0.1%
|
0.2%
|
0.0%
|
0.4%
|
Chicago
|
-0.9%
|
-0.3%
|
-0.2%
|
0.4%
|
Cleveland
|
-0.3%
|
0.2%
|
-0.7%
|
-0.1%
|
Dallas
|
0.1%
|
0.3%
|
-0.2%
|
0.2%
|
Denver
|
0.3%
|
0.4%
|
-0.1%
|
0.3%
|
Detroit
|
-0.1%
|
0.5%
|
-0.2%
|
0.5%
|
Las Vegas
|
0.3%
|
0.7%
|
0.1%
|
0.4%
|
Los
Angeles
|
0.3%
|
0.5%
|
-0.1%
|
0.1%
|
Miami
|
0.0%
|
0.1%
|
0.1%
|
0.4%
|
Minneapolis
|
-0.7%
|
0.1%
|
-0.6%
|
0.2%
|
New York
|
-0.3%
|
-0.1%
|
0.1%
|
0.4%
|
Phoenix
|
0.2%
|
0.7%
|
0.6%
|
0.9%
|
Portland
|
0.2%
|
0.5%
|
0.1%
|
0.6%
|
San Diego
|
0.3%
|
0.3%
|
0.0%
|
0.5%
|
San
Francisco
|
-0.5%
|
0.4%
|
0.1%
|
0.7%
|
Seattle
|
0.7%
|
1.0%
|
0.2%
|
0.8%
|
Tampa
|
0.2%
|
0.3%
|
0.1%
|
0.4%
|
Washington
|
0.0%
|
0.5%
|
0.1%
|
0.5%
|
Composite-10
|
-0.1%
|
0.3%
|
0.0%
|
0.4%
|
Composite-20
|
0.0%
|
0.3%
|
0.0%
|
0.4%
|
U.S.
National
|
0.0%
|
0.5%
|
0.0%
|
0.4%
|
Sources: S&P
Dow Jones Indices and CoreLogic
|
|
Data through
January 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
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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