NEW
YORK, June 28, 2022 /PRNewswire/ -- S&P Dow
Jones Indices (S&P DJI) 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 April 2022 show that home prices continue to
increase across the U.S. More than 27 years of history are
available for the data series and can be accessed in full by going
to
https://www.spglobal.com/spdji/en/index-family/indicators/sp-corelogic-case-shiller/.
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 20.4%
annual gain in April, down from 20.6% in the previous month. The
10-City Composite annual increase came in at 19.7%, up from 19.5%
in the previous month. The 20-City Composite posted a 21.2%
year-over-year gain, up from 21.1% in the previous month.
Tampa, Miami, and Phoenix reported the highest year-over-year
gains among the 20 cities in April. Tampa led the way with a 35.8% year-over-year
price increase, followed by Miami
with a 33.3% increase, and Phoenix
with a 31.3% increase. Nine of the 20 cities reported higher price
increases in the year ending April
2022 versus the year ending March 2022.
MONTH-OVER-MONTH
Before seasonal adjustment, the U.S. National Index posted a
2.1% month-over-month increase in April, while the 10-City and
20-City Composites posted increases of 2.2% and 2.3%,
respectively.
After seasonal adjustment, the U.S. National Index posted a
month-over-month increase of 1.5%, and the 10-City and 20-City
Composites both posted increases of 1.8%.
In April, all 20 cities reported increases before and after
seasonal adjustments.
ANALYSIS
"April 2022 showed initial
(although inconsistent) signs of a deceleration in the growth rate
of U.S. home prices," says Craig J.
Lazzara, Managing Director at S&P DJI. "The National
Composite Index rose by 20.4% for the 12 months ended April 2022; this represents a slight deceleration
from March's 20.6% reading. The 10- and 20-City Composites were up
19.7% and 21.2%, respectively, modestly ahead of their gains in
March. Despite the deceleration of the National Composite and the
modest acceleration for the 10- and 20-City Composites, these
growth rates are extremely strong by historical standards – at or
above the 99th percentile in all three cases.
"We continue to observe very broad strength in the housing
market, as all 20 cities notched double-digit price increases for
the 12 months ended in April. April's price increase ranked in the
top quintile of historical experience for every city, and in the
top decile for 19 of them. In contrast with the past five months,
when prices in most cities accelerated, in April only nine cities
saw prices rise faster than they had done in March. There's a
regional pattern among the nine, as all five cities in our South
composite (Atlanta, Charlotte, Dallas, Miami, and Tampa) are represented there.
"Tampa (+35.8%) was the fastest
growing city for the second consecutive month, with Miami (+33.3%) and long-time leader
Phoenix (+31.3%) in second and
third positions. Prices were strongest in the South (+30.6%) and
Southeast (+30.5%). Even the comparatively weak Midwest (+13.8%)
and Northeast (+14.0%) showed double-digit gains.
"We noted last month that mortgage financing has become more
expensive as the Federal Reserve ratchets up interest rates, a
process that had only just begun when April data were gathered. A
more-challenging macroeconomic environment may not support
extraordinary home price growth for much longer."
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
|
133.99
|
Feb-12
|
-27.4 %
|
300.85
|
124.5 %
|
63.0 %
|
20-City
|
206.52
|
Jul-06
|
134.07
|
Mar-12
|
-35.1 %
|
312.55
|
133.1 %
|
51.3 %
|
10-City
|
226.29
|
Jun-06
|
146.45
|
Mar-12
|
-35.3 %
|
324.38
|
121.5 %
|
43.3 %
|
Table 2 below summarizes the results for April 2022. The S&P CoreLogic Case-Shiller
Indices could be revised for the prior 24 months, based on the
receipt of additional source data.
|
April
2022
|
April/March
|
March/February
|
1-Year
|
Metropolitan
Area
|
Level
|
Change
(%)
|
Change
(%)
|
Change
(%)
|
Atlanta
|
224.75
|
2.3 %
|
3.2 %
|
26.4 %
|
Boston
|
308.04
|
2.8 %
|
2.7 %
|
15.1 %
|
Charlotte
|
249.61
|
2.7 %
|
2.9 %
|
26.6 %
|
Chicago
|
181.26
|
1.9 %
|
1.5 %
|
13.0 %
|
Cleveland
|
169.00
|
1.4 %
|
2.4 %
|
14.5 %
|
Dallas
|
297.17
|
3.2 %
|
4.3 %
|
31.0 %
|
Denver
|
328.67
|
2.5 %
|
4.4 %
|
23.6 %
|
Detroit
|
170.84
|
2.2 %
|
2.8 %
|
15.3 %
|
Las Vegas
|
289.55
|
2.3 %
|
3.1 %
|
28.4 %
|
Los Angeles
|
418.86
|
2.0 %
|
3.3 %
|
23.4 %
|
Miami
|
384.12
|
3.4 %
|
3.7 %
|
33.3 %
|
Minneapolis
|
231.88
|
2.2 %
|
2.1 %
|
12.3 %
|
New York
|
268.26
|
2.0 %
|
1.5 %
|
14.3 %
|
Phoenix
|
331.77
|
2.5 %
|
3.0 %
|
31.3 %
|
Portland
|
339.26
|
2.2 %
|
2.9 %
|
19.1 %
|
San Diego
|
426.08
|
2.3 %
|
3.7 %
|
28.5 %
|
San
Francisco
|
390.60
|
2.2 %
|
4.3 %
|
22.9 %
|
Seattle
|
411.77
|
2.3 %
|
5.6 %
|
26.1 %
|
Tampa
|
361.57
|
3.0 %
|
3.7 %
|
35.8 %
|
Washington
|
307.17
|
1.9 %
|
2.9 %
|
12.7 %
|
Composite-10
|
324.38
|
2.2 %
|
2.8 %
|
19.7 %
|
Composite-20
|
312.55
|
2.3 %
|
3.1 %
|
21.2 %
|
U.S.
National
|
300.85
|
2.1 %
|
2.6 %
|
20.4 %
|
Sources:
S&P Dow Jones Indices and CoreLogic
|
|
Data through
April 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
April/March Change
(%)
|
March/February
Change (%)
|
Metropolitan
Area
|
NSA
|
SA
|
NSA
|
SA
|
Atlanta
|
2.3 %
|
1.8 %
|
3.2 %
|
2.7 %
|
Boston
|
2.8 %
|
1.7 %
|
2.7 %
|
1.4 %
|
Charlotte
|
2.7 %
|
2.1 %
|
2.9 %
|
2.3 %
|
Chicago
|
1.9 %
|
1.0 %
|
1.5 %
|
0.7 %
|
Cleveland
|
1.4 %
|
1.0 %
|
2.4 %
|
1.8 %
|
Dallas
|
3.2 %
|
2.5 %
|
4.3 %
|
3.7 %
|
Denver
|
2.5 %
|
1.8 %
|
4.4 %
|
3.1 %
|
Detroit
|
2.2 %
|
0.9 %
|
2.8 %
|
2.6 %
|
Las Vegas
|
2.3 %
|
1.8 %
|
3.1 %
|
2.7 %
|
Los Angeles
|
2.0 %
|
1.7 %
|
3.3 %
|
2.6 %
|
Miami
|
3.4 %
|
3.2 %
|
3.7 %
|
3.3 %
|
Minneapolis
|
2.2 %
|
1.3 %
|
2.1 %
|
1.3 %
|
New York
|
2.0 %
|
2.1 %
|
1.5 %
|
1.5 %
|
Phoenix
|
2.5 %
|
1.9 %
|
3.0 %
|
2.7 %
|
Portland
|
2.2 %
|
1.6 %
|
2.9 %
|
2.2 %
|
San Diego
|
2.3 %
|
2.0 %
|
3.7 %
|
2.9 %
|
San
Francisco
|
2.2 %
|
1.4 %
|
4.3 %
|
2.5 %
|
Seattle
|
2.3 %
|
1.4 %
|
5.6 %
|
3.4 %
|
Tampa
|
3.0 %
|
2.8 %
|
3.7 %
|
3.4 %
|
Washington
|
1.9 %
|
0.8 %
|
2.9 %
|
2.5 %
|
Composite-10
|
2.2 %
|
1.8 %
|
2.8 %
|
2.2 %
|
Composite-20
|
2.3 %
|
1.8 %
|
3.1 %
|
2.4 %
|
U.S.
National
|
2.1 %
|
1.5 %
|
2.6 %
|
2.1 %
|
Sources:
S&P Dow Jones Indices and CoreLogic
|
|
Data through
April 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
For more information about S&P Dow Jones Indices, please
visit https://www.spglobal.com/spdji/en/.
ABOUT S&P DOW JONES INDICES
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(+1) 212 438 7530
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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