Home Price Gains Continues In August According To The S&P CoreLogic Case-Shiller Indices
NEW YORK, Oct. 25, 2016 /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 for August 2016 shows that home prices continued their rise across the country over the last 12 months. More than 27 years of history for these data series is available, and can be accessed in full by going to www.homeprice.spdji.com. Additional content on the housing market can also be found on S&P Dow Jones Indices' housing blog: www.housingviews.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 5.3% annual gain in August, up from 5.0% last month. The 10-City Composite posted a 4.3% annual increase, up from 4.1% the previous month. The 20-City Composite reported a year-over-year gain of 5.1%, up from 5.0% in July.
Portland, Seattle, and Denver reported the highest year-over-year gains among the 20 cities over each of the last seven months. In August, Portland led the way with an 11.7% year-over-year price increase, followed by Seattle at 11.4%, and Denver with an 8.8% increase. Ten cities reported greater price increases in the year ending August 2016 versus the year ending July 2016.
MONTH-OVER-MONTH
Before seasonal adjustment, the National Index posted a month-over-month gain of 0.5% in August. Both the 10-City Composite and the 20-City Composite posted a 0.4% increase in August. After seasonal adjustment, the National Index recorded a 0.6% month-over-month increase, and both the 10-City Composite and the 20-City Composite reported 0.2% month-over-month increases. After seasonal adjustment, 14 cities saw prices rise, two cities were unchanged, and four cities experienced negative monthly prices changes.
ANALYSIS
"Supported by continued moderate economic growth, home prices extended recent gains," says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. "All 20 cities saw prices higher than a year earlier with 10 enjoying larger annual gains than last month. The seasonally adjusted month-over-month data showed that home prices in 14 cities were higher in August than in July. Other housing data including sales of existing single family homes, measures of housing affordability, and permits for new construction also point to a reasonably healthy housing market.
"With the national home price index almost surpassing the peak set 10 years ago, one question is how the housing recovery compares with the stock market recovery. Since the last recession ended in June 2009, the stock market as measured by the S&P 500 rose 136% to the end of August while home prices are up 23%. However, home prices did not reach bottom until February 2012, almost three years later. Using the 2012 date as the starting point, home prices are up 38% compared to 59% for stocks. While the stock market recovery has been greater than the rebound in home prices, the value of Americans' homes at about $22.3 trillion is slightly larger than the value of stocks and mutual funds at $21.2 trillion."
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 |
Level |
From |
From |
| National |
184.62 |
Jul-06 |
134.01 |
Feb-12 |
-27.4% |
184.42 |
37.6% |
-0.1% |
| 20-City |
206.52 |
Jul-06 |
134.07 |
Mar-12 |
-35.1% |
191.66 |
43.0% |
-7.2% |
| 10-City |
226.29 |
Jun-06 |
146.45 |
Mar-12 |
-35.3% |
205.70 |
40.5% |
-9.1% |
Table 2 below summarizes the results for August 2016. The S&P CoreLogic Case-Shiller Indices are revised for the prior 24 months, based on the receipt of additional source data.
| August 2016 |
August/July |
July/June |
1-Year |
|
| Metropolitan Area |
Level |
Change (%) |
Change (%) |
Change (%) |
| Atlanta |
132.77 |
0.2% |
0.4% |
5.2% |
| Boston |
192.09 |
0.3% |
0.6% |
4.1% |
| Charlotte |
142.11 |
0.4% |
0.3% |
5.8% |
| Chicago |
138.27 |
0.5% |
1.0% |
4.1% |
| Cleveland |
112.88 |
0.1% |
0.5% |
2.9% |
| Dallas |
167.16 |
0.5% |
0.7% |
8.1% |
| Denver |
188.04 |
0.3% |
0.9% |
8.8% |
| Detroit |
109.63 |
0.4% |
1.1% |
5.7% |
| Las Vegas |
152.51 |
0.1% |
0.6% |
5.3% |
| Los Angeles |
252.11 |
0.4% |
0.6% |
5.8% |
| Miami |
216.30 |
0.4% |
0.4% |
7.1% |
| Minneapolis |
155.05 |
0.5% |
0.6% |
5.2% |
| New York |
184.75 |
0.6% |
0.5% |
1.7% |
| Phoenix |
162.87 |
0.6% |
0.8% |
5.2% |
| Portland |
208.38 |
0.4% |
1.2% |
11.7% |
| San Diego |
227.86 |
0.1% |
0.7% |
5.8% |
| San Francisco |
229.42 |
0.4% |
0.0% |
6.7% |
| Seattle |
204.74 |
0.5% |
0.6% |
11.4% |
| Tampa |
185.14 |
0.6% |
0.6% |
7.6% |
| Washington |
217.77 |
0.4% |
0.3% |
2.3% |
| Composite-10 |
205.70 |
0.4% |
0.5% |
4.3% |
| Composite-20 |
191.66 |
0.4% |
0.6% |
5.1% |
| U.S. National |
184.42 |
0.5% |
0.7% |
5.3% |
| Sources: S&P Dow Jones Indices and CoreLogic |
||||
| Data through August 2016 |
||||
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.
| August/July Change (%) |
July/June Change (%) |
|||
| Metropolitan Area |
NSA |
SA |
NSA |
SA |
| Atlanta |
0.2% |
-0.1% |
0.4% |
-0.3% |
| Boston |
0.3% |
0.2% |
0.6% |
0.0% |
| Charlotte |
0.4% |
0.4% |
0.3% |
0.3% |
| Chicago |
0.5% |
-0.1% |
1.0% |
-0.4% |
| Cleveland |
0.1% |
0.2% |
0.5% |
0.2% |
| Dallas |
0.5% |
0.5% |
0.7% |
0.4% |
| Denver |
0.3% |
0.3% |
0.9% |
0.5% |
| Detroit |
0.4% |
-0.1% |
1.1% |
0.0% |
| Las Vegas |
0.1% |
-0.1% |
0.6% |
0.1% |
| Los Angeles |
0.4% |
0.4% |
0.6% |
0.3% |
| Miami |
0.4% |
0.6% |
0.4% |
0.2% |
| Minneapolis |
0.5% |
0.0% |
0.6% |
-0.3% |
| New York |
0.6% |
0.0% |
0.5% |
-0.4% |
| Phoenix |
0.6% |
0.4% |
0.8% |
0.5% |
| Portland |
0.4% |
0.4% |
1.2% |
0.6% |
| San Diego |
0.1% |
0.2% |
0.7% |
0.2% |
| San Francisco |
0.4% |
1.0% |
0.0% |
0.1% |
| Seattle |
0.5% |
0.8% |
0.6% |
0.4% |
| Tampa |
0.6% |
0.4% |
0.6% |
0.1% |
| Washington |
0.4% |
0.4% |
0.3% |
-0.1% |
| Composite-10 |
0.4% |
0.2% |
0.5% |
0.0% |
| Composite-20 |
0.4% |
0.2% |
0.6% |
0.0% |
| U.S. National |
0.5% |
0.6% |
0.7% |
0.4% |
| Sources: S&P Dow Jones Indices and CoreLogic |
||||
| Data through August 2016 |
||||
For more information about S&P Dow Jones Indices, please visit www.spdji.com.
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FOR MORE INFORMATION:
John Piecuch
Head of Regional Communications
New York, USA
(+1) 212 438 1579
[email protected]
David M. Blitzer
Managing Director and Chairman of Index Committee
New York, USA
(+1) 212 438 3907
[email protected]
S&P Dow Jones Indices' interactive blog, HousingViews.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.housingviews.com, where feedback and commentary is 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.
SOURCE S&P Dow Jones Indices
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