NEW
YORK, March 26, 2024 /PRNewswire/ -- S&P Dow
Jones Indices (S&P DJI) today released the January 2024 results for the S&P CoreLogic
Case-Shiller Indices. The leading measure of U.S. home prices shows
that three out of the 20 major metro markets reported
month-over-month price increases. More than 27 years of history are
available for the data series and can be accessed in full by going
to
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 6.0%
annual gain in January, up from a 5.6% rise in the previous month.
The 10-City Composite showed an increase of 7.4%, up from a 7.0%
increase in the previous month. The 20-City Composite posted a
year-over-year increase of 6.6%, up from a 6.2% increase in the
previous month. San Diego again
reported the highest year-over-year gain among the 20 cities with
an 11.2% increase in January, followed by Los Angeles, with an increase of 8.6%.
Portland, though holding the
lowest rank after reporting the smallest year-over-year growth,
retained an upward trend with a 0.9% increase this month.
MONTH-OVER-MONTH
The U.S. National Index and the 20-City Composite showed a
continued decrease of 0.1%, and 10-City Composite remained
unchanged in January.
After seasonal adjustment, the U.S. National Index, the 20-City
Composite, and the 10-City Composite all posted month-over-month
increases of 0.4%, 0.1%, and 0.2% respectively.
ANALYSIS
"U.S. home prices continued their drive higher," says
Brian D. Luke, Head of Commodities,
Real & Digital Assets at S&P Dow Jones Indices. "Our
National Composite rose by 6% in January, the fastest annual rate
since 2022. Stronger gains came from our 10- and 20-City
Composite indices, rising 7.4% and 6.6%, respectively. For
the second consecutive month, all cities reported increases in
annual prices, with San Diego
surging 11.2%. On a seasonal adjusted basis, home prices have
continued to break through previous all-time highs set last
year."
"We've commented on how consistent each market performed during
2023 and that continues to be the case. While there is a large
disparity between leaders such as San
Diego versus laggards such as with Portland, the broad market performance is
tightly bunched up. This is also true of high and low
tiers. The average annual gains between high and low tiers
across cities tracked by the indices is just 1.1%. Low price
tiered indices have outperformed high priced indices for 17
months. Homeowners most likely saw healthy gains in the last
year, no matter what city you were in, or if it was in an expensive
or inexpensive neighborhood. No matter which way you slice
it, the index performance closely resembled the broad market."
"On a monthly basis, home prices continue to struggle in the
face of elevated borrowing costs. Seventeen markets dropped
over the last month, while Minneapolis has posted a 2.4% decline over the
prior three months. Only Southern California and Washington D.C. have stood up the rising wave
of interest rates and deliver positive returns to start the
year. San Diego rose 1.8% in
January, followed by DC with 0.5% and Los
Angeles at 0.1%."
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 %
|
310.46
|
131.7 %
|
68.2 %
|
20-City
|
206.52
|
Jul-06
|
134.07
|
Mar-12
|
-35.1 %
|
317.07
|
136.5 %
|
53.5 %
|
10-City
|
226.29
|
Jun-06
|
146.45
|
Mar-12
|
-35.3 %
|
332.78
|
127.2 %
|
47.1 %
|
Table 2 below summarizes the results for January 2024. The S&P CoreLogic Case-Shiller
Indices could be revised for the prior 24 months, based on the
receipt of additional source data.
|
January 2024
|
January 24/December
23
|
December/November
|
1-Year
|
Metropolitan
Area
|
Level
|
Change (%)
|
Change (%)
|
Change (%)
|
Atlanta
|
240.61
|
-0.1 %
|
-0.1 %
|
6.4 %
|
Boston
|
318.55
|
-0.5 %
|
-0.7 %
|
7.0 %
|
Charlotte
|
270.49
|
-0.1 %
|
-0.1 %
|
8.1 %
|
Chicago
|
196.22
|
-0.5 %
|
-0.2 %
|
8.0 %
|
Cleveland
|
181.03
|
-0.9 %
|
-0.8 %
|
6.9 %
|
Dallas
|
289.85
|
-0.2 %
|
-0.7 %
|
2.9 %
|
Denver
|
308.82
|
-0.5 %
|
-0.5 %
|
2.7 %
|
Detroit
|
179.05
|
-0.7 %
|
-0.7 %
|
8.2 %
|
Las Vegas
|
284.74
|
-0.1 %
|
0.2 %
|
5.6 %
|
Los Angeles
|
421.79
|
0.1 %
|
0.1 %
|
8.6 %
|
Miami
|
429.02
|
-0.1 %
|
0.3 %
|
7.5 %
|
Minneapolis
|
230.48
|
-0.6 %
|
-1.0 %
|
3.1 %
|
New York
|
293.24
|
-0.3 %
|
-0.1 %
|
7.6 %
|
Phoenix
|
321.34
|
-0.5 %
|
-0.6 %
|
4.6 %
|
Portland
|
315.24
|
-0.2 %
|
-1.0 %
|
0.9 %
|
San Diego
|
421.34
|
1.8 %
|
-0.8 %
|
11.2 %
|
San
Francisco
|
340.88
|
-0.1 %
|
-0.9 %
|
4.5 %
|
Seattle
|
362.04
|
0.0 %
|
-0.5 %
|
4.4 %
|
Tampa
|
381.28
|
-0.2 %
|
-0.3 %
|
4.6 %
|
Washington
|
313.82
|
0.5 %
|
0.0 %
|
6.3 %
|
Composite-10
|
332.78
|
0.0 %
|
-0.2 %
|
7.4 %
|
Composite-20
|
317.07
|
-0.1 %
|
-0.3 %
|
6.6 %
|
U.S.
National
|
310.46
|
-0.1 %
|
-0.4 %
|
6.0 %
|
Sources: S&P Dow
Jones Indices
and CoreLogic
|
Data through January
2024
|
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.
|
January 24/December 23
Change (%)
|
December/November
Change (%)
|
Metropolitan
Area
|
NSA
|
SA
|
NSA
|
SA
|
Atlanta
|
-0.1 %
|
0.3 %
|
-0.1 %
|
0.5 %
|
Boston
|
-0.5 %
|
0.0 %
|
-0.7 %
|
0.1 %
|
Charlotte
|
-0.1 %
|
0.5 %
|
-0.1 %
|
0.6 %
|
Chicago
|
-0.5 %
|
0.2 %
|
-0.2 %
|
0.6 %
|
Cleveland
|
-0.9 %
|
-0.1 %
|
-0.8 %
|
0.0 %
|
Dallas
|
-0.2 %
|
0.3 %
|
-0.7 %
|
0.0 %
|
Denver
|
-0.5 %
|
-0.5 %
|
-0.5 %
|
0.0 %
|
Detroit
|
-0.7 %
|
-0.1 %
|
-0.7 %
|
0.1 %
|
Las Vegas
|
-0.1 %
|
0.4 %
|
0.2 %
|
0.8 %
|
Los Angeles
|
0.1 %
|
0.2 %
|
0.1 %
|
0.7 %
|
Miami
|
-0.1 %
|
0.0 %
|
0.3 %
|
0.7 %
|
Minneapolis
|
-0.6 %
|
0.1 %
|
-1.0 %
|
0.0 %
|
New York
|
-0.3 %
|
0.0 %
|
-0.1 %
|
0.0 %
|
Phoenix
|
-0.5 %
|
-0.4 %
|
-0.6 %
|
0.4 %
|
Portland
|
-0.2 %
|
-0.1 %
|
-1.0 %
|
-0.2 %
|
San Diego
|
1.8 %
|
1.4 %
|
-0.8 %
|
-0.1 %
|
San
Francisco
|
-0.1 %
|
0.3 %
|
-0.9 %
|
-0.2 %
|
Seattle
|
0.0 %
|
-0.1 %
|
-0.5 %
|
0.3 %
|
Tampa
|
-0.2 %
|
0.4 %
|
-0.3 %
|
0.3 %
|
Washington
|
0.5 %
|
0.9 %
|
0.0 %
|
0.2 %
|
Composite-10
|
0.0 %
|
0.2 %
|
-0.2 %
|
0.3 %
|
Composite-20
|
-0.1 %
|
0.1 %
|
-0.3 %
|
0.3 %
|
U.S.
National
|
-0.1 %
|
0.4 %
|
-0.4 %
|
0.2 %
|
Sources: S&P Dow
Jones Indices and CoreLogic
|
Data through January
2024
|
|
|
|
For more information about S&P Dow Jones Indices, please
visit www.spglobal.com/spdji.
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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