Updated S&P Case Shiller Home Price Data

Jan. 08, 2020 6:18 AM ETVNQ, IYR, RQI, RNP, ITB, RFI, XHB, KBWY, NRO, SCHH, XLRE, FREL, JRS, ICF, DRN, RWR, USRT, SRVR, HOMZ, URE, NAIL, SEVN, SRS, DRV, LRET, PKB, FRI, PSR, REK, HOML, BBRE, PPTY, RORE, IARAX, VRAI7 Comments
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Summary

  • An updated look at home price changes across the country using the most recent S&P Case Shiller home price indices.
  • The National index rose just 10 basis points month over month and 3.34% year over year.
  • The number of cities that saw rising and falling home prices month over month was evenly split at ten apiece, so we're no longer seeing broad-based, nationwide increases like we were a few years ago.

Below is an updated look at home price changes across the country using the most recent S&P Case Shiller home price indices. As shown, the National index rose just 10 basis points month over month and 3.34% year over year. Notably, the number of cities that saw rising and falling home prices month over month was evenly split at ten apiece, so we're no longer seeing broad-based, nationwide increases like we were a few years ago. Mid-west cities like Detroit, Cleveland, and Chicago were three of the four biggest decliners month over month, while the West Coast and Northwest cities like Portland, San Francisco, Seattle, and San Diego all declined as well.

After seeing an epic surge in home prices for years during the current expansion, San Francisco is now the only city that is down year over year with a decline of 0.43%.

Below is a chart showing the change in home prices from their peak level at the top of the housing bubble in mid-2005. This allows you to see which areas have fully recovered from the housing crash and which have not. Denver and Dallas are both more than 50% higher now than they were at their peaks in the mid-2000s, while the National index has eclipsed its housing bubble highs by 15%.

On the downside, Las Vegas is the farthest below its prior highs at -17%, followed by Chicago at -14%, Phoenix at -13%, and Miami at -12%. DC, Tampa, and New York are the three remaining cities that have still not recovered all of their losses from the housing crash/financial crisis.

Below is a look at how much home prices have risen from their housing crash lows that were mostly reached in 2012. The National index is now up 59% from its lows, while San Francisco and Las

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