Las Vegas Drops Out Of Top Three Cities In Annual Gains According To S&P CoreLogic Case-Shiller Index

NEW YORK, Oct. 29, 2019 — (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 August 2019 shows that the rate of home price increases across the U.S. continues to slow. More than 27 years of history for these data series is available, and can be accessed in full by going to https://www.spindices.com

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 3.2% annual gain in August, up from 3.1% in the previous month. The 10-City Composite annual increase came in at 1.5%, down from 1.6% in the previous month. The 20-City Composite posted a 2.0% year-over-year gain, no change from the previous month.

Phoenix, Charlotte, and Tampa reported the highest year-over-year gains among the 20 cities. In August, Phoenix led the way with a 6.3% year-over-year price increase, followed by Charlotte with a 4.5% increase and Tampa with a 4.3% increase. Seven of the 20 cities reported greater price increases in the year ending August 2019 versus the year ending July 2019. 

MONTH-OVER-MONTH

Before seasonal adjustment, the National Index posted a month-over-month increase of 0.2% in August. The 10-City and 20-City Composites did not post any gains for the month. After seasonal adjustment, the National Index recorded a 0.3% month-over-month increase in August. The 10-City Composite posted a 0.1% decrease and the 20-City Composite posted a 0.2% decrease. In August, 11 of 20 cities reported increases both before seasonal adjustment while 17 of 20 cities reported increases after seasonal adjustment.

ANALYSIS

"The U.S. National Home Price NSA Index trend remained intact with a year-over-year price change of 3.2%," says Philip Murphy, Managing Director and Global Head of Index Governance at S&P Dow Jones Indices. "However, a shift in regional leadership may be underway beneath the headline national index.

"Phoenix saw an increase in its YOY price change to 6.3% and retained its leading position. However, Las Vegas dropped from number two to number eight among the cities of the 20-City Composite, falling from a 4.7% YOY change in July to only 3.3% in August. Meanwhile, the Southeast region included three of the top four cities. Charlotte, Tampa, and Atlanta all recorded solid YOY performance with price changes of 4.5%, 4.3%, and 4.0%, respectively. In the Northwest, Seattle's YOY change turned positive (0.7%) after three consecutive months of negative YOY price changes. The 10-City Composite YOY price change declined slightly from July to 1.5%, while the 20-City Composite YOY price change remained steady at 2.0%. San Francisco was the only city to record a negative YOY price change (-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

184.62

Jul-06

134.00

Feb-12

-27.4%

212.06

58.3%

14.9%

20-City

206.52

Jul-06

134.07

Mar-12

-35.1%

218.14

62.7%

5.6%

10-City

226.29

Jun-06

146.45

Mar-12

-35.3%

230.83

57.6%

2.0%

Table 2 below summarizes the results for August 2019. The S&P CoreLogic Case-Shiller Indices are revised for the prior 24 months, based on the receipt of additional source data.


August 2019

August/July

July/June

1-Year

Metropolitan Area

Level

Change (%)

Change (%)

Change (%)

Atlanta

153.81

0.2%

0.1%

4.0%

Boston

224.74

0.1%

0.2%

3.9%

Charlotte

165.40

0.1%

0.3%

4.5%

Chicago

147.01

0.1%

0.3%

1.4%

Cleveland

127.75

0.3%

1.1%

2.9%

Dallas

192.63

0.0%

0.2%

2.8%

Denver

223.34

-0.2%

0.0%

2.9%

Detroit

129.44

0.1%

0.3%

3.8%

Las Vegas

194.37

-0.2%

0.6%

3.3%

Los Angeles

286.04

0.0%

-0.3%

1.0%

Miami

244.91

0.3%

0.3%

2.9%

Minneapolis

180.60

0.2%

0.7%

3.9%

New York

201.29

0.1%

0.1%

0.9%

Phoenix

195.76

0.9%

0.7%

6.3%

Portland

241.17

0.0%

0.7%

2.6%

San Diego

263.23

-0.2%

0.7%

2.3%

San Francisco

268.81

-0.5%

0.0%

-0.1%

Seattle

255.35

-0.3%

0.2%

0.7%

Tampa

220.58

0.3%

0.4%

4.3%

Washington

234.67

0.0%

-0.1%

2.7%

Composite-10

230.83

0.0%

0.1%

1.5%

Composite-20

218.14

0.0%

0.2%

2.0%

U.S. National

212.06

0.2%

0.4%

3.2%

Sources: S&P Dow Jones Indices and CoreLogic



Data through August 2019





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