NEW
YORK, Sept. 27, 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 July 2022 show that home price gains decelerated
across the United States. 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 15.8%
annual gain in July, down from 18.1% in the previous month. The
10-City Composite annual increase came in at 14.9%, down from 17.4%
in the previous month. The 20-City Composite posted a 16.1%
year-over-year gain, down from 18.7% in the previous month.
Tampa, Miami, and Dallas reported the highest year-over-year
gains among the 20 cities in July. Tampa led the way with a 31.8% year-over-year
price increase, followed by Miami
in second with a 31.7% increase, and Dallas in third with a 24.7% increase. All 20
cities reported lower price increases in the year ending
July 2022 versus the year ending June
2022.
MONTH-OVER-MONTH
Before seasonal adjustment, the U.S. National Index posted a
-0.3% month-over-month decrease in July, while the 10-City and
20-City Composites both posted decreases of -0.8%.
After seasonal adjustment, the U.S. National Index posted a
month-over-month decrease of -0.2%, and the 10-City and 20-City
Composites posted decreases of -0.5% and -0.4%, respectively.
In July, only 7 cities reported increases before and after
seasonal adjustments.
ANALYSIS
"Although U.S. housing prices remain substantially above their
year-ago levels, July's report reflects a forceful deceleration,"
says Craig J. Lazzara, Managing
Director at S&P DJI. "For example, while the National
Composite Index rose by 15.8% in the 12 months ended July 2022, its year-over-year price rise in June
was 18.1%. The -2.3% difference between those two monthly
rates of gain is the largest deceleration in the history of the
index. We saw similar patterns in our 10-City Composite (up
14.9% in July vs. 17.4% in June) and our 20-City Composite (up
16.1% in July vs. 18.7% in June). On a month-over-month
basis, all three composites declined in July.
"The theme of strong but decelerating prices was reflected
across all 20 cities. July's year-over-year price change was
positive for each one of the 20 cities, with a median gain of
15.0%, but in every case July's gain was less than June's.
Prices declined in 12 cities on a month-to-month basis.
Tampa (+31.8%) narrowly edged
Miami (+31.7%) to remain at the
top of the league table for the fifth consecutive month, with
Dallas (+24.7%) holding on to
third place. As has been the case for the last several
months, price growth was strongest in the Southeast (+27.5%) and
South (+26.9%).
"As the Federal Reserve continues to move interest rates upward,
mortgage financing has become more expensive, a process that
continues to this day. Given the prospects for a more
challenging macroeconomic environment, home prices may well
continue to decelerate."
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 %
|
307.45
|
129.4 %
|
66.5 %
|
20-City
|
206.52
|
Jul-06
|
134.07
|
Mar-12
|
-35.1 %
|
316.28
|
135.9 %
|
53.1 %
|
10-City
|
226.29
|
Jun-06
|
146.45
|
Mar-12
|
-35.3 %
|
327.54
|
123.7 %
|
44.7 %
|
Table 2 below summarizes the results for July 2022. The S&P CoreLogic Case-Shiller
Indices could be revised for the prior 24 months, based on the
receipt of additional source data.
|
July
2022
|
July/June
|
June/May
|
1-Year
|
Metropolitan
Area
|
Level
|
Change
(%)
|
Change
(%)
|
Change
(%)
|
Atlanta
|
234.27
|
0.6 %
|
1.3 %
|
22.8 %
|
Boston
|
315.06
|
-0.3 %
|
0.6 %
|
13.3 %
|
Charlotte
|
261.48
|
0.6 %
|
1.8 %
|
23.6 %
|
Chicago
|
188.96
|
0.7 %
|
1.7 %
|
12.7 %
|
Cleveland
|
175.82
|
1.0 %
|
1.2 %
|
12.4 %
|
Dallas
|
306.54
|
-0.4 %
|
1.0 %
|
24.7 %
|
Denver
|
327.39
|
-1.4 %
|
-0.1 %
|
15.6 %
|
Detroit
|
174.06
|
-0.1 %
|
0.7 %
|
11.4 %
|
Las Vegas
|
300.14
|
0.0 %
|
1.5 %
|
21.8 %
|
Los Angeles
|
414.80
|
-1.6 %
|
-0.4 %
|
15.7 %
|
Miami
|
409.57
|
1.3 %
|
2.3 %
|
31.7 %
|
Minneapolis
|
236.24
|
-0.2 %
|
0.7 %
|
9.0 %
|
New York
|
276.78
|
0.2 %
|
1.1 %
|
13.7 %
|
Phoenix
|
343.18
|
-0.1 %
|
1.0 %
|
22.4 %
|
Portland
|
338.16
|
-1.1 %
|
-0.1 %
|
11.7 %
|
San Diego
|
414.32
|
-2.5 %
|
-0.7 %
|
16.6 %
|
San
Francisco
|
375.19
|
-3.5 %
|
-1.3 %
|
10.8 %
|
Seattle
|
393.76
|
-3.1 %
|
-1.9 %
|
14.5 %
|
Tampa
|
381.85
|
0.6 %
|
2.1 %
|
31.8 %
|
Washington
|
308.32
|
-0.7 %
|
0.0 %
|
9.4 %
|
Composite-10
|
327.54
|
-0.8 %
|
0.4 %
|
14.9 %
|
Composite-20
|
316.28
|
-0.8 %
|
0.4 %
|
16.1 %
|
U.S.
National
|
307.45
|
-0.3 %
|
0.6 %
|
15.8 %
|
Sources: S&P Dow
Jones Indices and CoreLogic
|
|
Data through July
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.
|
July/June Change
(%)
|
June/May Change
(%)
|
Metropolitan
Area
|
NSA
|
SA
|
NSA
|
SA
|
Atlanta
|
0.6 %
|
0.6 %
|
1.3 %
|
1.1 %
|
Boston
|
-0.3 %
|
-0.1 %
|
0.6 %
|
0.4 %
|
Charlotte
|
0.6 %
|
0.8 %
|
1.8 %
|
1.5 %
|
Chicago
|
0.7 %
|
0.7 %
|
1.7 %
|
1.1 %
|
Cleveland
|
1.0 %
|
0.3 %
|
1.2 %
|
0.8 %
|
Dallas
|
-0.4 %
|
-0.2 %
|
1.0 %
|
0.6 %
|
Denver
|
-1.4 %
|
-1.0 %
|
-0.1 %
|
-0.3 %
|
Detroit
|
-0.1 %
|
-0.3 %
|
0.7 %
|
-0.1 %
|
Las Vegas
|
0.0 %
|
0.2 %
|
1.5 %
|
1.1 %
|
Los Angeles
|
-1.6 %
|
-1.2 %
|
-0.4 %
|
-0.6 %
|
Miami
|
1.3 %
|
1.4 %
|
2.3 %
|
2.2 %
|
Minneapolis
|
-0.2 %
|
-0.2 %
|
0.7 %
|
0.2 %
|
New York
|
0.2 %
|
0.0 %
|
1.1 %
|
1.4 %
|
Phoenix
|
-0.1 %
|
-0.1 %
|
1.0 %
|
0.7 %
|
Portland
|
-1.1 %
|
-1.3 %
|
-0.1 %
|
-0.5 %
|
San Diego
|
-2.5 %
|
-2.0 %
|
-0.7 %
|
-0.9 %
|
San
Francisco
|
-3.5 %
|
-3.6 %
|
-1.3 %
|
-1.1 %
|
Seattle
|
-3.1 %
|
-2.5 %
|
-1.9 %
|
-1.7 %
|
Tampa
|
0.6 %
|
0.5 %
|
2.1 %
|
2.2 %
|
Washington
|
-0.7 %
|
-0.4 %
|
0.0 %
|
-0.2 %
|
Composite-10
|
-0.8 %
|
-0.5 %
|
0.4 %
|
0.2 %
|
Composite-20
|
-0.8 %
|
-0.4 %
|
0.4 %
|
0.2 %
|
U.S.
National
|
-0.3 %
|
-0.2 %
|
0.6 %
|
0.2 %
|
Sources: S&P Dow
Jones Indices and CoreLogic
|
|
Data through July
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
For more information about S&P Dow Jones Indices, please
visit https://www.spglobal.com/spdji/en/.
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 https://www.spglobal.com/spdji/en/.
FOR MORE INFORMATION:
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.
View original
content:https://www.prnewswire.com/news-releases/sp-corelogic-case-shiller-index-continued-its-deceleration-in-july-301634369.html
SOURCE S&P Dow Jones Indices