The June readings of the S&P/Case-Shiller Home Price indices were released today, and below we provide our usual summary charts and tables of the data.
As shown, all 20 of the cities tracked were up more than 1% month over month from May to June. Atlanta and Chicago were up the most with gains of more than 3%, while Washington, D.C., was up the least at +1.04%. The D.C. area was also one of the weaker cities on a year-over-year basis with a gain of just 5.71%. Our nation's capital was expected to be the hardest area hit by the sequester. Is this one of the reasons for the slower relative growth in housing?
Below is a chart highlighting the home price gains that each city has experienced off of its financial crisis lows. As shown, the two composite indices are up close to 20%, with Chicago sandwiched right in between. San Francisco is up by far the most off of its lows at 47%, followed by Phoenix (37%), Detroit (36%), Atlanta (32%), and Las Vegas (31%). On the weak side, New York is up the least off of its lows at just 7%, while Cleveland (12%), Boston (13%), Charlotte (14%), and Dallas (16%) are all up less than both composite indices.
Below are charts showing the historical monthly year-over-year changes in each of the 20 S&P/Case-Shiller Home Price indices. After experiencing rapid growth over the past 12 months in terms of year-over-year change, most cities saw a slight pullback this month.