S&P CoreLogic Case-Shiller Index Continued To Decline In September

New York, NY – Dec. 9, 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 September 2022 show that home price gains declined 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 10.6% annual gain in September, down from 12.9% in the previous month. The 10-City Composite annual increase came in at 9.7%, down from 12.1% in the previous month. The 20-City Composite posted a 10.4% year-over-year gain, down from 13.1% in the previous month.

Miami, Tampa, and Charlotte reported the highest year-over-year gains among the 20 cities in September. Miami led the way with a 24.6% year-over-year price increase, followed by Tampa in second with a 23.8% increase, and Charlotte in third with a 17.8% increase. All 20 cities reported lower price increases in the year ending September 2022 versus the year ending August 2022.

MONTH-OVER-MONTH

Before seasonal adjustment, the U.S. National Index posted a -1.0% month-over-month decrease in September, while the 10-City and 20-City Composites posted decreases of -1.4% and -1.5%, respectively.

After seasonal adjustment, the U.S. National Index posted a month-over-month decrease of -0.8%, and the 10-City and 20-City Composites both posted decreases of -1.2%.

In September, all 20 cities reported declines before and after seasonal adjustments.

ANALYSIS

“As has been the case for the past several months, our September 2022 report reflects short-term declines and medium-term deceleration in housing prices across the U.S.,” says Craig J. Lazzara, Managing Director at S&P DJI. “For example, the National Composite Index fell -1.0% in September, and now stands 10.6% above its year-ago level. We see comparable patterns in our 10- and 20-City Composites, which declined -1.4% and -1.5%, respectively, bringing their year-over-year gains down to 9.7% and 10.4%. For all three composites, year-over-year gains, while still well above their historical medians, peaked roughly six months ago and have decelerated since then.

“Despite considerable regional differences, all 20 cities in our September report reflect these trends of short-term decline and medium-term deceleration. Prices declined in every city in September, with a median change of -1.2%. Year-over-year price gains in all 20 cities were lower in September than they had been in August.

“The three best-performing cities in August repeated their performance in September. On a year-over-year basis, Miami (+24.6%) edged Tampa (+23.8%) for the top spot, with Charlotte (+17.8%) beating Atlanta (+17.1%) for third place. The Southeast (+20.8%) and South (+19.9%) were the strongest regions by far, with gains more than double those of the Northeast, Midwest, and West; the two worst-performing cities were San Francisco (+2.3%) and Seattle (+6.2%).

“As the Federal Reserve continues to move interest rates higher, mortgage financing continues to be more expensive and housing becomes less affordable. Given the continuing prospects for a challenging macroeconomic environment, home prices may well continue to weaken.”

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 Peak2012 TroughCurrent
 Index Level Date Level DateFrom Peak (%) LevelFrom Trough (%)From Peak (%)
National184.61Jul-06134.00Feb-12-27.4 %300.41124.2 %62.7 %
20-City206.52Jul-06134.07Mar-12-35.1 %306.29128.5 %48.3 %
10-City226.29Jun-06146.45Mar-12-35.3 %317.35116.7 %40.2 %

Table 2 below summarizes the results for September 2022. The S&P CoreLogic Case-Shiller Indices could be revised for the prior 24 months, based on the receipt of additional source data.

September 2022September/AugustAugust/July1-Year
Metropolitan AreaLevelChange (%)Change (%)Change (%)
Atlanta231.58-0.8 %-0.4 %17.1 %
Boston306.40-1.6 %-1.2 %8.8 %
Charlotte257.63-1.1 %-0.4 %17.8 %
Chicago186.87-0.6 %-0.5 %10.0 %
Cleveland174.62-0.7 %-0.1 %10.6 %
Dallas294.45-2.1 %-1.9 %16.3 %
Denver313.46-2.0 %-2.3 %9.3 %
Detroit170.66-1.2 %-0.6 %8.0 %
Las Vegas288.87-2.4 %-1.3 %12.9 %
Los Angeles397.73-1.8 %-2.3 %8.8 %
Miami404.68-1.0 %-0.1 %24.6 %
Minneapolis231.69-1.0 %-1.0 %6.5 %
New York272.84-0.7 %-0.6 %10.6 %
Phoenix328.35-2.2 %-2.2 %12.6 %
Portland327.36-1.2 %-2.0 %6.7 %
San Diego394.16-2.1 %-2.8 %9.5 %
San Francisco348.34-2.9 %-4.3 %2.3 %
Seattle367.37-2.9 %-3.9 %6.2 %
Tampa377.37-0.9 %-0.4 %23.8 %
Washington300.91-0.9 %-1.5 %6.5 %
Composite-10317.35-1.4 %-1.6 %9.7 %
Composite-20306.29-1.5 %-1.6 %10.4 %
U.S. National300.41-1.0 %-1.1 %10.6 %
Sources: S&P Dow Jones Indices and CoreLogic
Data through September 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.

September/August Change (%)August/July Change (%)
Metropolitan AreaNSASANSASA
Atlanta-0.8 %-0.6 %-0.4 %-0.1 %
Boston-1.6 %-1.5 %-1.2 %-0.9 %
Charlotte-1.1 %-1.0 %-0.4 %-0.1 %
Chicago-0.6 %-0.4 %-0.5 %-0.3 %
Cleveland-0.7 %-0.3 %-0.1 %0.0 %
Dallas-2.1 %-1.7 %-1.9 %-1.7 %
Denver-2.0 %-1.3 %-2.3 %-1.7 %
Detroit-1.2 %-0.7 %-0.6 %-0.5 %
Las Vegas-2.4 %-2.1 %-1.3 %-1.3 %
Los Angeles-1.8 %-1.7 %-2.3 %-2.0 %
Miami-1.0 %-0.9 %-0.1 %-0.1 %
Minneapolis-1.0 %-0.6 %-1.0 %-0.6 %
New York-0.7 %-0.9 %-0.6 %-0.3 %
Phoenix-2.2 %-2.1 %-2.2 %-2.0 %
Portland-1.2 %-0.9 %-2.0 %-1.7 %
San Diego-2.1 %-1.6 %-2.8 %-2.4 %
San Francisco-2.9 %-2.2 %-4.3 %-3.7 %
Seattle-2.9 %-1.9 %-3.9 %-2.9 %
Tampa-0.9 %-1.0 %-0.4 %-0.4 %
Washington-0.9 %-0.3 %-1.5 %-1.3 %
Composite-10-1.4 %-1.2 %-1.6 %-1.3 %
Composite-20-1.5 %-1.2 %-1.6 %-1.3 %
U.S. National-1.0 %-0.8 %-1.1 %-0.9 %
Sources: S&P Dow Jones Indices and CoreLogic
Data through September 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.

SOURCE S&P Dow Jones Indices

S&P CoreLogic Case-Shiller Index Reports Record High Annual Home Price Gain Of 16.6% In May

New York, NY – July 27, 2021 (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 May 2021 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/.

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 16.6% annual gain in May, up from 14.8% in the previous month. The 10-City Composite annual increase came in at 16.4%, up from 14.5% in the previous month. The 20-City Composite posted a 17.0% year-over-year gain, up from 15.0% in the previous month.

Phoenix, San Diego, and Seattle reported the highest year-over-year gains among the 20 cities in May. Phoenix led the way with a 25.9% year-over-year price increase, followed by San Diego with a 24.7% increase and Seattle with a 23.4% increase. All 20 cities reported higher price increases in the year ending May 2021 versus the year ending April 2021. 

MONTH-OVER-MONTH

Before seasonal adjustment, the U.S. National Index posted a 2.1% month-over-month increase in May, while the 10-City and 20-City Composites both posted increases of 1.9% and 2.1%, respectively.

After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 1.7%, and the 10-City and 20-City Composites both posted increases of 1.7% and 1.8%, respectively. In May, all 20 cities reported increases before and after seasonal adjustments.

ANALYSIS

“Housing price growth set a record for the second consecutive month in May 2021,” says Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P DJI. “The National Composite Index marked its twelfth consecutive month of accelerating prices with a 16.6% gain from year-ago levels, up from 14.8% in April. This acceleration is also reflected in the 10- and 20-City Composites (up 16.4% and 17.0%, respectively). The market’s strength continues to be broadly-based: all 20 cities rose, and all 20 gained more in the 12 months ended in May than they had gained in the 12 months ended in April. Prices in 18 of our 20 cities now stand at all-time highs, as do the National Composite and both the 10- and 20-City indices.

“A month ago, I described April’s performance as “truly extraordinary,” and this month I find myself running out of superlatives. The 16.6% gain is the highest reading in more than 30 years of S&P CoreLogic Case-Shiller data. As was the case last month, five cities – Charlotte, Cleveland, Dallas, Denver, and Seattle – joined the National Composite in recording their all-time highest 12-month gains. Price gains in all 20 cities were in the top quartile of historical performance; in 17 cities, price gains were in top decile. 

“We have previously suggested that the strength in the U.S. housing market is being driven in part by reaction to the COVID pandemic, as potential buyers move from urban apartments to suburban homes. May’s data continue to be consistent with this hypothesis. This demand surge may simply represent an acceleration of purchases that would have occurred anyway over the next several years. Alternatively, there may have been a secular change in locational preferences, leading to a permanent shift in the demand curve for housing. More time and data will be required to analyze this question.

“Phoenix’s 25.9% increase led all cities for the 24th consecutive month, with San Diego (+24.7%) and Seattle (+23.4%) close behind. As was the case last month, prices were strongest in the West (+19.9%) and Southwest (+19.8%), but every region logged double-digit gains.”

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 Peak2012 TroughCurrent
 Index Level Date Level DateFrom Peak
(%)
 LevelFrom Trough
(%)
From Peak
(%)
National184.61Jul-06134.00Feb-12-27.4%254.9290.2%38.1%
20-City206.52Jul-06134.07Mar-12-35.1%262.7095.9%27.2%
10-City226.29Jun-06146.45Mar-12-35.3%275.5088.1%21.7%

Table 2 below summarizes the results for May 2021. The S&P CoreLogic Case-Shiller Indices could be revised for the prior 24 months, based on the receipt of additional source data.

May 2021May/AprilApril/MarchOne-Year
Metropolitan AreaLevelChange (%)Change (%)Change (%)
Atlanta181.702.2%1.9%14.3%
Boston271.441.4%2.5%17.4%
Charlotte201.722.4%2.4%16.9%
Chicago163.171.8%1.9%11.1%
Cleveland149.921.5%1.8%13.6%
Dallas233.092.8%2.9%18.5%
Denver271.782.2%2.7%17.4%
Detroit150.801.7%2.5%15.1%
Las Vegas231.942.9%2.5%15.5%
Los Angeles346.812.1%1.9%17.0%
Miami294.822.4%2.4%16.6%
Minneapolis210.762.1%2.3%12.8%
New York235.271.1%0.9%15.2%
Phoenix262.133.7%3.3%25.9%
Portland291.642.4%2.4%17.5%
San Diego341.052.9%3.2%24.7%
San Francisco326.052.6%3.1%18.2%
Seattle335.412.8%3.6%23.4%
Tampa272.902.5%2.4%18.0%
Washington277.041.7%2.1%14.8%
Composite-10275.501.9%2.0%16.4%
Composite-20262.702.1%2.2%17.0%
U.S. National254.922.1%2.3%16.6%
Sources: S&P Dow Jones Indices and CoreLogic
Data through May 2021

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.

May/April Change (%)April/March Change (%)
Metropolitan AreaNSASANSASA
Atlanta2.2%1.8%1.9%1.3%
Boston1.4%1.4%2.5%1.4%
Charlotte2.4%2.1%2.4%1.8%
Chicago1.8%1.1%1.9%1.0%
Cleveland1.5%0.8%1.8%1.3%
Dallas2.8%2.5%2.9%2.4%
Denver2.2%2.0%2.7%2.1%
Detroit1.7%1.3%2.5%1.2%
Las Vegas2.9%2.6%2.5%2.1%
Los Angeles2.1%1.9%1.9%1.5%
Miami2.4%2.3%2.4%2.2%
Minneapolis2.1%0.8%2.3%1.6%
New York1.1%1.1%0.9%1.0%
Phoenix3.7%3.5%3.3%3.0%
Portland2.4%1.7%2.4%1.8%
San Diego2.9%2.5%3.2%2.9%
San Francisco2.6%2.4%3.1%2.2%
Seattle2.8%2.1%3.6%2.3%
Tampa2.5%2.7%2.4%2.1%
Washington1.7%1.4%2.1%1.2%
Composite-101.9%1.7%2.0%1.5%
Composite-202.1%1.8%2.2%1.7%
U.S. National2.1%1.7%2.3%1.7%
Sources: S&P Dow Jones Indices and CoreLogic
Data through May 2021

For more information about S&P Dow Jones Indices, please visit https://www.spglobal.com/spdji/.

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/.

FOR MORE INFORMATION:

April Kabahar
Global Head of Communications
New York, USA
(+1) 212 438 7530
april.kabahar@spglobal.com

Raymond McConville
Communications Manager
New York, USA
(+1) 212 438 1678
raymond.mcconville@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.

SOURCE S&P Dow Jones Indices

S&P CoreLogic Case-Shiller Index Shows Annual Home Price Gains Climbed To 9.5% In November

New York, NY – Jan. 26, 2021 (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 released today for November 2020 show that home prices continue to increase across the U.S. More than 27 years of history are available for these data series, and can be accessed in full by going to https://www.spglobal.com/spdji/.

Please note that transaction records for September 2020 for Wayne County, MI are now available. Due to delays at the local recording office caused by the COVID-19 lockdown, S&P Dow Jones Indices and CoreLogic were previously unable to generate a valid September 2020 update of the Detroit S&P CoreLogic Case-Shiller indices.

However, there are not a sufficient number of records for October 2020 and November 2020 for Detroit. Since Wayne is the most populous county in the Detroit metro area, S&P Dow Jones Indices and CoreLogic are unable to generate a valid Detroit index value for the months of October and November. When the sale transactions data fully resume and sufficient data are collected, the Detroit index values for the month(s) with missing updates will be calculated.

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 9.5% annual gain in November, up from 8.4% in the previous month. The 10-City Composite annual increase came in at 8.8%, up from 7.6% in the previous month. The 20-City Composite posted a 9.1% year-over-year gain, up from 8.0% in the previous month.

Phoenix, Seattle and San Diego continued to report the highest year-over-year gains among the 19 cities (excluding Detroit) in November. Phoenix led the way with a 13.8% year-over-year price increase, followed by Seattle with a 12.7% increase and San Diego with a 12.3% increase. All 19 cities reported higher price increases in the year ending November 2020 versus the year ending October 2020. 

MONTH-OVER-MONTH

The U.S. National Index posted a 1.1% month-over-month increase, while the 10-City and 20-City Composites both posted increases of 1.2% and 1.1% respectively, before seasonal adjustment in November. After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 1.4%, while the 10-City and 20-City Composites both posted increases of 1.4%. In November, all 19 cities (excluding Detroit) reported increases before and after seasonal adjustment.

NALYSIS

“The trend of accelerating home prices that began in June 2020 has now reached its sixth month with November’s emphatic report,” says Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P Dow Jones Indices. “The National Composite Index gained 9.5% relative to its level a year ago, accelerating from October’s 8.4% increase. The 10- and 20-City Composites (up 8.8% and 9.1%, respectively) also rose more rapidly in November than they had done in October. The housing market’s strength was once again broadly-based: all 19 cities for which we have November data rose, and all 19 gained more in the 12 months ended in November than they had gained in the 12 months ended in October.

“As COVID-related restrictions began to grip the economy last spring, their effect on housing prices was unclear. Price growth decelerated in May and June before beginning a steady climb upward.  November’s report continues that acceleration in a particularly impressive manner. The National Composite last matched this month’s 9.5% growth rate in February 2014, more than six and a half years ago. From the perspective of more than 30 years of S&P CoreLogic Case-Shiller data, November’s 9.5% year-over-year change ranks near the top decile of all monthly reports.

“Recent data are consistent with the view that COVID has encouraged potential buyers to move from urban apartments to suburban homes. This may represent a true secular shift in housing demand, or may simply represent an acceleration of moves that would have taken place over the next several years anyway. Future data will be required to address that question.

“Phoenix’s 13.8% increase led all cities for the 18th consecutive month. Seattle (+12.7%) and San Diego (+12.3%) took the silver and bronze medals once again. Prices were strongest in the West (+10.1%) and Southwest (+9.7%) regions, with the historically lagging Northeast (+9.3%) also turning in an impressive month.”

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 Peak2012 TroughCurrent
IndexLevelDateLevelDateFrom Peak (%)LevelFrom Trough (%)From Peak (%)
National184.61Jul-06134.00Feb-12-27.4%232.3873.4%25.9%
20-City206.52Jul-06134.07Mar-12-35.1%238.4877.9%15.5%
10-City226.29Jun-06146.45Mar-12-35.3%251.6571.8%11.2%

Table 2 below summarizes the results for November 2020. The S&P CoreLogic Case-Shiller Indices are revised for the prior 24 months, based on the receipt of additional source data.

November 2020November/OctoberOctober/September1-Year
Metropolitan AreaLevelChange (%)Change (%)Change (%)
Atlanta167.191.2%1.2%7.9%
Boston248.191.4%1.5%10.4%
Charlotte183.181.1%1.4%9.4%
Chicago154.400.4%1.0%7.5%
Cleveland140.100.1%1.3%9.8%
Dallas207.200.8%1.5%7.2%
Denver241.281.0%0.9%8.1%
Detroit
Las Vegas208.310.7%0.8%6.8%
Los Angeles315.330.9%1.1%9.1%
Miami266.581.3%1.5%7.9%
Minneapolis196.430.7%1.1%9.4%
New York219.531.8%1.9%8.2%
Phoenix225.681.3%1.7%13.8%
Portland263.130.7%0.7%9.5%
San Diego295.640.9%1.7%12.3%
San Francisco288.650.6%1.0%8.3%
Seattle285.980.9%1.1%12.7%
Tampa245.991.4%1.6%9.5%
Washington256.001.1%1.2%9.1%
Composite-10251.651.2%1.4%8.8%
Composite-20238.481.1%1.3%9.1%
U.S. National232.381.1%1.4%9.5%
Sources: S&P Dow Jones Indices and CoreLogic
Data through November 2020

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.

November/October Change (%)October/September Change (%)
Metropolitan AreaNSASANSASA
Atlanta1.2%1.4%1.2%1.4%
Boston1.4%1.7%1.5%2.0%
Charlotte1.1%1.3%1.4%1.5%
Chicago0.4%1.2%1.0%1.6%
Cleveland0.1%0.7%1.3%2.1%
Dallas0.8%1.0%1.5%1.6%
Denver1.0%1.4%0.9%1.4%
Detroit
Las Vegas0.7%1.0%0.8%1.1%
Los Angeles0.9%1.2%1.1%1.3%
Miami1.3%1.3%1.5%1.5%
Minneapolis0.7%1.4%1.1%1.6%
New York1.8%2.1%1.9%1.8%
Phoenix1.3%1.6%1.7%1.7%
Portland0.7%1.3%0.7%1.4%
San Diego0.9%1.6%1.7%2.1%
San Francisco0.6%0.8%1.0%1.4%
Seattle0.9%1.7%1.1%2.1%
Tampa1.4%1.3%1.6%1.5%
Washington1.1%1.3%1.2%1.4%
Composite-101.2%1.4%1.4%1.6%
Composite-201.1%1.4%1.3%1.6%
U.S. National1.1%1.4%1.4%1.7%
Sources: S&P Dow Jones Indices and CoreLogic
Data through November 2020

For more information about S&P Dow Jones Indices, please visit https://www.spglobal.com/spdji/.

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/.

FOR MORE INFORMATION:

April Kabahar
Global Head of Communications
New York, USA
(+1) 212 438 7530
april.kabahar@spglobal.com

Raymond McConville
Communications Manager
New York, USA
(+1) 212 438 1678
raymond.mcconville@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.

SOURCE S&P Dow Jones Indices