Home Prices Rise in February 2013 According to the S&P/Case-Shiller Home Price Indices
NEW YORK, April 30, 2013 /PRNewswire/ -- Data through February 2013, released today by S&P Dow Jones Indices for its S&P/Case-Shiller (1) Home Price Indices, the leading measure of U.S. home prices, showed average home prices increased 8.6% and 9.3% for the 10- and 20-City Composites in the 12 months ending in February 2013. The 10- and 20-City Composites rose 0.4% and 0.3% from January to February.
All 20 cities covered by the indices posted year-over-year increases for at least two consecutive months. In 16 of the 20 cities annual growth rates rose from the last month; Detroit, Miami, Minneapolis and Phoenix saw slight annual deceleration ranging from -0.1 to -0.4 percentage points. Phoenix continued to stand out with an impressive year-over-year return of +23.0% while Atlanta and Dallas had the highest annual growth rates in the history of these indices since 1992 and 2001, respectively.
In February 2013, the 10- and 20-City Composites posted annual increases of 8.6% and 9.3%, respectively.
"Home prices continue to show solid increases across all 20 cities," says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. "The 10- and 20-City Composites recorded their highest annual growth rates since May 2006; seasonally adjusted monthly data show all 20 cities saw higher prices for two months in a row – the last time that happened was in early 2005.
"Phoenix, San Francisco, Las Vegas and Atlanta were the four cities with the highest year-over-year price increases. Atlanta recovered from a wave of foreclosures in 2012 while the other three were among the hardest hit in the housing collapse. At the other end of the rankings, three older cities – New York, Boston and Chicago – saw the smallest year-over-year price improvements.
"Despite some recent mixed economic reports for March, housing continues to be one of the brighter spots in the economy. The 2013 first quarter GDP report shows that residential investment accelerated from the 2012 fourth quarter and made a positive contribution to growth. One open question is the mix of single family and apartments; housing starts data show a larger than usual share is apartments."
As of February 2013, average home prices across the United States are back to their autumn 2003 levels for both the 10-City and 20-City Composites. Measured from their June/July 2006 peaks, the peak-to-current decline for both Composites is approximately 29-30%. The recovery from the early 2012 lows is 8.7% and 9.3%, respectively.
In February 2013, the number of cities that posted positive monthly changes increased; Boston, Dallas, New York, Portland and San Diego are now among the MSAs posting month-over-month gains.
Even though eight MSAs posted monthly declines, all twenty cities showed increases when compared to their February 2012 levels. Atlanta, Detroit, Las Vegas, Los Angeles, Miami, Minneapolis, Phoenix, San Diego, San Francisco and Tampa were the ten MSAs that continued to report double-digit year-over-year gains. San Diego and Tampa recorded their first months of double-digit annual increases of just over 10.0%.
More than 26 years of history for these data series are available, and can be accessed in full by going to www.homeprice.spindices.com. Additional content on the housing market may also be found on S&P Dow Jones Indices' housing blog: www.housingviews.com.
The table below summarizes the results for February 2013. The S&P/Case-Shiller Home Price Indices are revised for the 24 prior months, based on the receipt of additional source data.
| February 2013 |
February/January |
January '13/December '12 |
||
| Metropolitan Area |
Level |
Change (%) |
Change (%) |
1-Year Change (%) |
| Atlanta |
97.01 |
0.0% |
1.1% |
16.5% |
| Boston |
153.89 |
0.1% |
0.0% |
5.2% |
| Charlotte |
114.93 |
-0.2% |
0.2% |
6.2% |
| Chicago |
110.72 |
-0.8% |
-0.9% |
5.1% |
| Cleveland |
99.24 |
-0.8% |
-0.7% |
5.3% |
| Dallas |
120.74 |
0.2% |
0.0% |
7.1% |
| Denver |
133.90 |
-0.2% |
0.0% |
9.9% |
| Detroit |
80.58 |
-0.6% |
0.1% |
15.2% |
| Las Vegas |
105.70 |
1.6% |
1.6% |
17.6% |
| Los Angeles |
182.04 |
1.0% |
0.9% |
14.1% |
| Miami |
153.97 |
0.3% |
0.8% |
10.4% |
| Minneapolis |
123.81 |
-0.9% |
-0.5% |
12.0% |
| New York |
162.00 |
0.4% |
-0.3% |
1.9% |
| Phoenix |
128.10 |
1.1% |
1.1% |
23.0% |
| Portland |
141.76 |
0.7% |
-0.4% |
9.4% |
| San Diego |
164.25 |
0.6% |
-0.6% |
10.2% |
| San Francisco |
148.23 |
0.5% |
0.1% |
18.9% |
| Seattle |
140.97 |
-0.2% |
-0.3% |
9.3% |
| Tampa |
136.33 |
0.6% |
1.1% |
10.0% |
| Washington |
186.57 |
-0.5% |
-0.7% |
6.9% |
| Composite-10 |
159.24 |
0.4% |
0.0% |
8.6% |
| Composite-20 |
146.57 |
0.3% |
0.1% |
9.3% |
| Source: S&P Dow Jones Indices and CoreLogic |
||||
| Data through February 2013 |
||||
Since its launch in early 2006, the S&P/Case-Shiller Home Price 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.
A summary of the monthly changes using the seasonally adjusted (SA) and non-seasonally adjusted (NSA) data can be found in the table below.
| February/January Change (%) |
January '13/December '12 Change (%) |
|||
| Metropolitan Area |
NSA |
SA |
NSA |
SA |
| Atlanta |
0.0% |
1.1% |
1.1% |
1.9% |
| Boston |
0.1% |
1.1% |
0.0% |
0.5% |
| Charlotte |
-0.2% |
0.4% |
0.2% |
0.7% |
| Chicago |
-0.8% |
1.2% |
-0.9% |
0.7% |
| Cleveland |
-0.8% |
0.3% |
-0.7% |
0.8% |
| Dallas |
0.2% |
0.8% |
0.0% |
0.9% |
| Denver |
-0.2% |
1.0% |
0.0% |
1.1% |
| Detroit |
-0.6% |
0.5% |
0.1% |
0.9% |
| Las Vegas |
1.6% |
2.0% |
1.6% |
1.8% |
| Los Angeles |
1.0% |
1.8% |
0.9% |
1.5% |
| Miami |
0.3% |
0.9% |
0.8% |
1.2% |
| Minneapolis |
-0.9% |
1.3% |
-0.5% |
1.4% |
| New York |
0.4% |
0.5% |
-0.3% |
0.3% |
| Phoenix |
1.1% |
1.8% |
1.1% |
2.0% |
| Portland |
0.7% |
1.4% |
-0.4% |
1.3% |
| San Diego |
0.6% |
0.8% |
-0.6% |
0.4% |
| San Francisco |
0.5% |
1.8% |
0.1% |
2.1% |
| Seattle |
-0.2% |
0.5% |
-0.3% |
1.0% |
| Tampa |
0.6% |
1.4% |
1.1% |
2.3% |
| Washington |
-0.5% |
0.3% |
-0.7% |
0.5% |
| Composite-10 |
0.4% |
1.2% |
0.0% |
0.9% |
| Composite-20 |
0.3% |
1.2% |
0.1% |
1.0% |
| Source: S&P Dow Jones Indices and CoreLogic |
||||
| Data through February 2013 |
||||
About S&P Dow Jones Indices
S&P Dow Jones Indices LLC, a subsidiary of The McGraw-Hill Companies is the world's largest, global resource for index-based concepts, data and research. Home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average(SM), S&P Dow Jones Indices LLC has over 115 years of experience constructing innovative and transparent solutions that fulfill the needs of institutional and retail investors. More assets are invested in products based upon our indices than any other provider in the world. With over 830,000 indices covering a wide range of assets classes across the globe, S&P Dow Jones Indices LLC defines the way investors measure and trade the markets. To learn more about our company, please visit www.spdji.com.
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For more information:
Dave Guarino
Communications
S&P Dow Jones Indices
[email protected]
212-438-1471
David Blitzer
Managing Director and Chairman of the Index Committee
S&P Dow Jones Indices
[email protected]
212-438-3907
S&P Dow Jones Indices has introduced a new blog called HousingViews.com. This interactive blog delivers real-time commentary and analysis from across the Standard & Poor's organization 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 certainly welcomed and encouraged.
The S&P/Case-Shiller Home Price 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/Case-Shiller National U.S. 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/Case-Shiller Composite of 10 Home Price Index is a value-weighted average of the 10 original metro area indices. The S&P/Case-Shiller Composite of 20 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.
The S&P/Case-Shiller Home Price Indices are produced by CoreLogic. In addition to the S&P/Case-Shiller Home Price 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.
For more information about S&P Dow Jones Indices, please visit www.spindices.com.
(1) Case-Shiller® and Case-Shiller Indexes® are registered trademarks of CoreLogic
SOURCE S&P Dow Jones Indices
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