S&P CoreLogic Case-Shiller Index Continues Upward Trend For Annual Home Price Gains

NEW YORK, Jan. 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 November 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 3.5% annual gain in November, up from 3.2% in the previous month. The 10-City Composite annual increase came in at 2.0%, up from 1.7% in the previous month. The 20-City Composite posted a 2.6% year-over-year gain, up from 2.2% in the previous month.

Phoenix, Charlotte and Tampa reported the highest year-over-year gains among the 20 cities. In November, Phoenix led the way with a 5.9% year-over-year price increase, followed by Charlotte with a 5.2% increase and Tampa with a 5.0% increase. Fifteen of the 20 cities reported greater price increases in the year ending November 2019 versus the year ending October 2019. 

MONTH-OVER-MONTH

The National Index posted a month-over-month increase of 0.2%, while the 10-City and 20-City Composites both posted a month-over-month increase of 0.1% before seasonal adjustment in November. After seasonal adjustment, the National Index, 10-City and 20-City Composites all posted a 0.5% increase. In November, 13 of 20 cities reported increases before seasonal adjustment while all 20 cities reported increases after seasonal adjustment.

ANALYSIS

"The U.S. housing market was stable in November," says Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P Dow Jones Indices. "With the month's 3.5% increase in the national composite index, home prices are currently 59% above the trough reached in February 2012, and 15% above their pre-financial crisis peak. November's results were broad-based, with gains in every city in our 20-city composite.

"At a regional level, Phoenix retains the top spot for the sixth consecutive month, with a gain of 5.9% for November. Charlotte and Tampa rose by 5.2% and 5.0% respectively, leading the Southeast region. The Southeast has led all regions since January 2019."

"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 November than they had done in October. This increase was broad-based, reflecting data in 15 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%

212.56

58.6%

15.1%

20-City

206.52

Jul-06

134.07

Mar-12

-35.1%

218.68

63.1%

5.9%

10-City

226.29

Jun-06

146.45

Mar-12

-35.3%

231.45

58.0%

2.3%

Table 2 below summarizes the results for November 2019. The S&P CoreLogic Case-Shiller Indices are revised for the prior 24 months, based on the receipt of additional source data.


November 2019

November/October

October/September

1-Year

Metropolitan Area

Level

Change (%)

Change (%)

Change (%)

Atlanta

154.94

0.2%

0.4%

4.2%

Boston

224.74

0.5%

0.0%

3.8%

Charlotte

167.53

0.6%

0.4%

5.2%

Chicago

144.03

-0.6%

-0.5%

0.4%

Cleveland

127.67

-0.1%

-0.5%

4.0%

Dallas

193.19

0.2%

-0.1%

2.8%

Denver

223.35

0.0%

0.0%

3.7%

Detroit

127.96

-0.3%

-0.6%

3.2%

Las Vegas

194.97

0.4%

-0.2%

2.6%

Los Angeles

289.17

0.3%

0.4%

2.7%

Miami

246.81

0.2%

0.3%

3.1%

Minneapolis

179.68

-0.5%

-0.2%

3.9%

New York

202.84

0.0%

0.4%

0.8%

Phoenix

198.37

0.4%

0.5%

5.9%

Portland

240.20

0.1%

-0.5%

3.3%

San Diego

263.18

0.3%

-0.2%

3.9%

San Francisco

266.50

0.2%

-0.4%

0.5%

Seattle

253.80

0.0%

-0.3%

3.3%

Tampa

224.63

0.5%

0.6%

5.0%

Washington

234.98

0.2%

0.2%

3.2%

Composite-10

231.45

0.1%

0.1%

2.0%

Composite-20

218.68

0.1%

0.1%

2.6%

U.S. National

212.56

0.2%

0.0%

3.5%

Sources: S&P Dow Jones Indices and CoreLogic


Data through November 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.


November/October Change (%)

October/September Change (%)

Metropolitan Area

NSA

SA

NSA

SA

Atlanta

0.2%

0.6%

0.4%

0.8%

Boston

0.5%

0.8%

0.0%

0.5%

Charlotte

0.6%

0.9%

0.4%

0.6%

Chicago

-0.6%

0.2%

-0.5%

0.3%

Cleveland

-0.1%

0.6%

-0.5%

0.2%

Dallas

0.2%

0.4%

-0.1%

0.2%

Denver

0.0%

0.5%

0.0%

0.5%

Detroit

-0.3%

0.4%

-0.6%

-0.1%

Las Vegas

0.4%

0.7%

-0.2%

0.2%

Los Angeles

0.3%

0.6%

0.4%

0.7%

Miami

0.2%

0.2%

0.3%

0.5%

Minneapolis

-0.5%

0.1%

-0.2%

0.4%

New York

0.0%

0.3%

0.4%

0.5%

Phoenix

0.4%

0.7%

0.5%

0.5%

Portland

0.1%

0.6%

-0.5%

0.3%

San Diego

0.3%

0.7%

-0.2%

0.3%

San Francisco

0.2%

0.3%

-0.4%

-0.2%

Seattle

0.0%

0.8%

-0.3%

0.7%

Tampa

0.5%

0.3%

0.6%

0.6%

Washington

0.2%

0.5%

0.2%

0.5%

Composite-10

0.1%

0.5%

0.1%

0.4%

Composite-20

0.1%

0.5%

0.1%

0.5%

U.S. National

0.2%

0.5%

0.0%

0.4%

Sources: S&P Dow Jones Indices and CoreLogic


Data through November 2019













For more information about S&P Dow Jones Indices, please visit www.spdji.com.

ABOUT S&P DOW JONES INDICES

S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets.

S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit www.spdji.com.

FOR MORE INFORMATION:

Raymond McConville
Communications Manager
New York, USA
(+1) 212 438 1678
raymond.mcconville@spglobal.com

April Kabahar
Global Head of Communications
New York, USA
(+1) 212 438 7530
april.kabahar@spglobal.com

S&P Dow Jones Indices' interactive blog, IndexologyBlog.com, delivers real-time commentary and analysis from industry experts across S&P Global on a wide-range of topics impacting residential home prices, homebuilding and mortgage financing in the United States. Readers and viewers can visit the blog at www.indexologyblog.com, where feedback and commentary are welcomed and encouraged.

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

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