Home Prices Set Record Monthly Rise in April 2013 According to the S&P/Case-Shiller Home Price Indices
NEW YORK, June 25, 2013 /PRNewswire/ -- Data through April 2013, released today by S&P Dow Jones Indices for its S&P/Case-Shiller1 Home Price Indices, the leading measure of U.S. home prices, showed average home prices increased 11.6% and 12.1% for the 10- and 20-City Composites in the 12 months ending in April 2013. From March to April, the 10- and 20-City Composites rose 2.6% and 2.5%.
All 20 cities and both Composites showed positive year-over-year returns for at least the fourth consecutive month. Atlanta, Dallas, Detroit and Minneapolis posted their highest annual gains since the start of their respective indices. On a monthly basis, all cities with the exception of Detroit posted positive change.
In April 2013, the 10- and 20-City Composites posted annual increases of 11.6% and 12.1%, respectively.
"The 10- and 20-City Composites posted their highest monthly gains in the history of S&P/Case-Shiller Home Price Indices," says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. "Thirteen cities posted monthly increases of over two percentage points, with San Francisco leading at 4.9%.
"The recovery is definitely broad based. The two Composites showed the largest year-over-year gains in seven years. Atlanta, Las Vegas, Phoenix and San Francisco posted year-over-year gains of over 20% in April. San Francisco was the highest at 23.9%. Phoenix posted 12 consecutive months of double-digit growth. Recent economic data on home sales and inventories confirm the housing recovery's strength.
"Last week's comments from the Fed and the resulting sharp increase in Treasury yields sparked fears that rising mortgage rates will damage the housing rebound. Home buyers have survived rising mortgage rates in the past, often by shifting from fixed rate to adjustable rate loans. In the housing boom, bust and recovery, banks' credit quality standards were more important than the level of mortgage rates. The most recent Fed Senior Loan Officer Opinion Survey shows that some banks are easing credit restrictions. Given this, the recovery should continue."
As of April 2013, average home prices across the United States are back to their early 2004 levels for both the 10-City and 20-City Composites. Measured from their June/July 2006 peaks, the peak-to-current decline for both Composites is approximately 26-27%. The recovery from the March 2012 lows is 13.1% and 13.6%, respectively.
For the month of April, 19 of the 20 cities showed positive returns; Detroit was the only MSA to remain flat. Compared to March 2013, thirteen cities showed improvement with Minneapolis showing the largest change with a gain of 2.9% compared to its March return of -1.1%. California is seeing impressive returns all around with gains ranging from 3.4% to 4.9%. Los Angeles, San Diego and San Francisco posted their highest gains since 2004, 1988 and 1987, respectively. Looking at the east coast, Miami showed its largest return, 2.4%, in seven and a half years.
All 20 cities showed increases over their levels from 12 months ago. Twelve MSAs – Atlanta, Detroit, Las Vegas, Los Angeles, Miami, Minneapolis, Phoenix, Portland, San Diego, San Francisco, Seattle and Tampa – continued to show double-digit annual gains. Out of these 12 MSAs, Phoenix and Tampa were the only cities to show year-over-year deceleration.
More than 26 years of history for these data series are available, and can be accessed in full by going to www.homeprice.spdji.com. Additional content on the housing market may also be found on S&P Dow Jones Indices' housing blog: www.housingviews.com.
The table below summarizes the results for April 2013. The S&P/Case-Shiller Home Price Indices are revised for the 24 prior months, based on the receipt of additional source data.
| April 2013 |
April/March |
March/February |
||
| Metropolitan Area |
Level |
Change (%) |
Change (%) |
1-Year Change (%) |
| Atlanta |
102.06 |
3.8% |
1.3% |
20.8% |
| Boston |
159.14 |
2.2% |
1.2% |
8.1% |
| Charlotte |
119.87 |
2.0% |
2.4% |
7.3% |
| Chicago |
113.69 |
2.7% |
0.0% |
9.3% |
| Cleveland |
101.74 |
1.8% |
0.6% |
4.8% |
| Dallas |
125.05 |
2.3% |
1.3% |
7.4% |
| Denver |
138.28 |
1.8% |
1.4% |
9.9% |
| Detroit |
81.28 |
0.0% |
0.6% |
19.8% |
| Las Vegas |
111.06 |
2.5% |
2.7% |
22.3% |
| Los Angeles |
192.58 |
3.4% |
2.3% |
18.8% |
| Miami |
159.65 |
2.4% |
1.2% |
13.0% |
| Minneapolis |
126.81 |
2.9% |
-1.1% |
14.8% |
| New York |
163.05 |
1.1% |
-0.4% |
3.2% |
| Phoenix |
132.47 |
1.7% |
1.7% |
21.5% |
| Portland |
148.62 |
2.1% |
2.7% |
12.9% |
| San Diego |
174.08 |
3.7% |
2.2% |
14.7% |
| San Francisco |
161.42 |
4.9% |
3.9% |
23.9% |
| Seattle |
149.05 |
2.7% |
3.0% |
11.4% |
| Tampa |
142.10 |
1.7% |
2.5% |
11.3% |
| Washington |
194.16 |
2.4% |
1.7% |
7.2% |
| Composite-10 |
165.63 |
2.6% |
1.4% |
11.6% |
| Composite-20 |
152.37 |
2.5% |
1.4% |
12.1% |
| Source: S&P Dow Jones Indices and CoreLogic |
||||
| Data through April 2013 |
||||
Since its launch in early 2006, the S&P/Case-Shiller Home Price 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.
A summary of the monthly changes using the seasonally adjusted (SA) and non-seasonally adjusted (NSA) data can be found in the table below.
| April/March Change (%) |
March/February Change (%) |
|||
| Metropolitan Area |
NSA |
SA |
NSA |
SA |
| Atlanta |
3.8% |
1.9% |
1.3% |
1.7% |
| Boston |
2.2% |
1.3% |
1.2% |
1.9% |
| Charlotte |
2.0% |
1.0% |
2.4% |
2.0% |
| Chicago |
2.7% |
1.1% |
0.0% |
1.7% |
| Cleveland |
1.8% |
0.1% |
0.6% |
0.8% |
| Dallas |
2.3% |
1.0% |
1.3% |
0.9% |
| Denver |
1.8% |
0.7% |
1.4% |
0.9% |
| Detroit |
0.0% |
0.7% |
0.6% |
3.8% |
| Las Vegas |
2.5% |
2.3% |
2.7% |
3.0% |
| Los Angeles |
3.4% |
2.7% |
2.3% |
2.5% |
| Miami |
2.4% |
2.6% |
1.2% |
2.1% |
| Minneapolis |
2.9% |
2.7% |
-1.1% |
0.9% |
| New York |
1.1% |
0.9% |
-0.4% |
0.4% |
| Phoenix |
1.7% |
1.4% |
1.7% |
1.8% |
| Portland |
2.1% |
1.5% |
2.7% |
2.5% |
| San Diego |
3.7% |
2.8% |
2.2% |
2.1% |
| San Francisco |
4.9% |
2.7% |
3.9% |
3.6% |
| Seattle |
2.7% |
1.2% |
3.0% |
2.6% |
| Tampa |
1.7% |
1.1% |
2.5% |
2.3% |
| Washington |
2.4% |
0.9% |
1.7% |
2.5% |
| Composite-10 |
2.6% |
1.8% |
1.4% |
2.0% |
| Composite-20 |
2.5% |
1.7% |
1.4% |
1.9% |
| Source: S&P Dow Jones Indices and CoreLogic |
||||
| Data through April 2013 |
||||
1 Case-Shiller® and Case-Shiller Indexes® are registered trademarks of CoreLogic
About S&P Dow Jones Indices
S&P Dow Jones Indices LLC, a part of McGraw Hill Financial, is the world's largest, global resource for index-based concepts, data and research. Home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average™, S&P Dow Jones Indices LLC has over 115 years of experience constructing innovative and transparent solutions that fulfill the needs of investors. More assets are invested in products based upon our indices than any other provider in the world. With over 830,000 indices covering a wide range of asset classes across the globe, S&P Dow Jones Indices LLC defines the way investors measure and trade the markets. To learn more about our company, please visit www.spdji.com.
Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC, a part of McGraw Hill Financial. Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). These trademarks have been licensed to S&P Dow Jones Indices LLC. It is not possible to invest directly in an index. S&P Dow Jones Indices LLC, Dow Jones, S&P and their respective affiliates (collectively "S&P Dow Jones Indices") do not sponsor, endorse, sell, or promote any investment fund or other investment vehicle that is offered by third parties and that seeks to provide an investment return based on the performance of any index. This document does not constitute an offer of services in jurisdictions where S&P Dow Jones Indices does not have the necessary licenses. S&P Dow Jones Indices receives compensation in connection with licensing its indices to third parties.
For more information:
Dave Guarino
Communications
S&P Dow Jones Indices
[email protected]
212-438-1471
David Blitzer
Managing Director and Chairman of the Index Committee
S&P Dow Jones Indices
[email protected]
212-438-3907
S&P Dow Jones Indices has introduced a new blog called HousingViews.com. This interactive blog delivers real-time commentary and analysis from across the Standard & Poor's organization 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.housingviews.com, where feedback and commentary is certainly welcomed and encouraged.
The S&P/Case-Shiller Home Price 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/Case-Shiller National U.S. 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/Case-Shiller Composite of 10 Home Price Index is a value-weighted average of the 10 original metro area indices. The S&P/Case-Shiller Composite of 20 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.
The S&P/Case-Shiller Home Price Indices are produced by CoreLogic. In addition to the S&P/Case-Shiller Home Price 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.
For more information about S&P Dow Jones Indices, please visit www.spdji.com.
SOURCE S&P Dow Jones Indices
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