Updated S&P/Case-Shiller Housing Numbers

by: Bespoke Investment Group

The April S&P/Case-Shiller home price indices were released last week, and below is our regular monthly update of the numbers.

As shown in the table below, all 20 of the cities tracked by S&P/Case-Shiller saw month-over-month gains from March to April, with Boston gaining the most (+2.92%) and New York gaining the least (+0.10%). All 20 cities are up on a year-over-year basis as well, with Las Vegas up the most (+18.84%) and Cleveland up the least (+2.71%).

Both the 10-city and 20-city composite indices saw month-over-month gains of just over 1% and year-over-year gains of just over 10.8%.

Below is a look at how far home prices remain below their housing bubble highs for each of the 20 cities as well as the two composite indices. As shown, Denver and Dallas are the two cities that have already eclipsed their mid-2000s highs. Boston is now just 5% away from a new high, while Charlotte, Portland and San Francisco are not far off either. Las Vegas is the farthest away from its prior highs in home prices at -44%. Other cities that are still more than 30% away from their housing bubble highs are Phoenix, Miami and Tampa.

Below is a look at how much home prices have jumped off of their housing bust lows since the financial crisis came to an end. As shown, San Francisco is up by far the most off its lows at +62%, followed by Detroit and Las Vegas at +47%. Phoenix and Atlanta are both up more than 40% off their lows as well.

On the other end of the spectrum, New York sits as the only city with single-digit percentage gains off of its lows at just +8%. There are certainly pockets of the New York area that have experienced big price jumps, but the region is clearly lagging compared to most other areas of the country. New York (Wall Street, financial sector) has struggled to recover while San Francisco (Internet/social media) has boomed.

Below are long-term home price charts of each city and the two composite indices tracked by S&P/Case-Shiller. Dallas looks like an Internet or biotech stock at this point!