Press Releases
NEW YORK, Aug. 30, 2016 /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 June 2016 shows that home prices continued their rise across the country over the last 12 months. More than 27 years of history for these data series is available, and can be accessed in full by going to www.homeprice.spdji.com. Additional content on the housing market can also be found on S&P Dow Jones Indices' housing blog: www.housingviews.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 5.1% annual gain in June, unchanged from last month. The 10-City Composite posted a 4.3% annual increase, down from 4.4% the previous month. The 20-City Composite reported a year-over-year gain of 5.1%, down from 5.3% in May.
Portland, Seattle, and Denver reported the highest year-over-year gains among the 20 cities over each of the last five months. In June, Portland led the way with a 12.6% year-over-year price increase, followed by Seattle at 11.0%, and Denver with a 9.2% increase. Six cities reported greater price increases in the year ending June 2016 versus the year ending May 2016.
MONTH-OVER-MONTH
Before seasonal adjustment, the National Index posted a month-over-month gain of 1.0% while both the 10-City Composite and the 20-City Composite posted a 0.8% increase in June. After seasonal adjustment, the National Index recorded a 0.2% month-over-month increase, and both the 10-City Composite and 20-City Composite posted 0.1% month-over-month decreases. After seasonal adjustment, nine cities saw prices rise, two cities were unchanged, and nine cities experienced negative monthly prices changes.
ANALYSIS
"Home prices continued to rise across the country led by the west and the south," says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. "In the strongest region, the Pacific Northwest, prices are rising at more than 10%; in the slower Northeast, prices are climbing a bit faster than inflation. Nationally, home prices have risen at a consistent 4.8% annual pace over the last two years without showing any signs of slowing.
"Overall, residential real estate and housing is in good shape. Sales of existing homes are at running at about 5.5 million units annually with inventory levels under five months, indicating a fairly tight market. Sales of new single family homes were at a 654,000 seasonally adjusted annual rate in July, the highest rate since November 2007. Housing starts in July topped an annual rate of 1.2 million units. While the real estate sector and consumer spending are contributing to economic growth, business capital spending continues to show weakness."
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 |
Level |
From |
From |
|
National |
184.62 |
Jul-06 |
134.01 |
Feb-12 |
-27.4% |
182.42 |
36.1% |
-1.2% |
|
20-City |
206.52 |
Jul-06 |
134.07 |
Mar-12 |
-35.1% |
189.87 |
41.6% |
-8.1% |
|
10-City |
226.29 |
Jun-06 |
146.45 |
Mar-12 |
-35.3% |
203.89 |
39.2% |
-9.9% |
Table 2 below summarizes the results for June 2016. The S&P CoreLogic Case-Shiller Indices are revised for the prior 24 months, based on the receipt of additional source data.
|
June 2016 |
June/May |
May/April |
1-Year |
|
|
Metropolitan Area |
Level |
Change (%) |
Change (%) |
Change (%) |
|
Atlanta |
132.02 |
0.8% |
1.2% |
5.8% |
|
Boston |
190.41 |
0.6% |
1.4% |
4.7% |
|
Charlotte |
141.13 |
0.8% |
0.8% |
5.1% |
|
Chicago |
136.22 |
1.1% |
1.6% |
3.3% |
|
Cleveland |
112.07 |
1.2% |
1.3% |
2.5% |
|
Dallas |
165.20 |
0.9% |
1.3% |
8.9% |
|
Denver |
185.77 |
1.1% |
1.1% |
9.2% |
|
Detroit |
107.90 |
1.3% |
1.3% |
5.1% |
|
Las Vegas |
151.26 |
0.7% |
1.2% |
5.7% |
|
Los Angeles |
249.67 |
0.6% |
0.7% |
5.3% |
|
Miami |
214.51 |
0.7% |
0.9% |
6.9% |
|
Minneapolis |
153.49 |
1.1% |
1.5% |
5.1% |
|
New York |
183.09 |
0.9% |
0.5% |
2.0% |
|
Phoenix |
160.69 |
0.7% |
0.6% |
5.1% |
|
Portland |
205.09 |
1.6% |
1.6% |
12.6% |
|
San Diego |
225.75 |
0.3% |
0.9% |
6.4% |
|
San Francisco |
228.44 |
0.4% |
0.1% |
6.4% |
|
Seattle |
202.58 |
1.4% |
1.4% |
11.0% |
|
Tampa |
183.28 |
0.5% |
0.8% |
7.9% |
|
Washington |
216.75 |
0.8% |
1.0% |
2.0% |
|
Composite-10 |
203.89 |
0.8% |
0.8% |
4.3% |
|
Composite-20 |
189.87 |
0.8% |
0.9% |
5.1% |
|
U.S. National |
182.42 |
1.0% |
1.1% |
5.1% |
|
Sources: S&P Dow Jones Indices and CoreLogic |
||||
|
Data through June 2016 |
||||
Table 3 below shows a summary of the monthly changes using the seasonally adjusted (SA) and non-seasonally adjusted (NSA) data. Since its launch in early 2006, the S&P CoreLogic Case-Shiller 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.
|
June/May Change (%) |
May/April Change (%) |
|||
|
Metropolitan Area |
NSA |
SA |
NSA |
SA |
|
Atlanta |
0.8% |
-0.6% |
1.2% |
-0.2% |
|
Boston |
0.6% |
-0.3% |
1.4% |
-0.1% |
|
Charlotte |
0.8% |
0.3% |
0.8% |
0.2% |
|
Chicago |
1.1% |
-0.6% |
1.6% |
-0.2% |
|
Cleveland |
1.2% |
-0.2% |
1.3% |
-0.2% |
|
Dallas |
0.9% |
0.2% |
1.3% |
0.5% |
|
Denver |
1.1% |
0.3% |
1.1% |
0.3% |
|
Detroit |
1.3% |
-0.3% |
1.3% |
-0.2% |
|
Las Vegas |
0.7% |
0.2% |
1.2% |
0.5% |
|
Los Angeles |
0.6% |
0.0% |
0.7% |
-0.2% |
|
Miami |
0.7% |
0.6% |
0.9% |
0.4% |
|
Minneapolis |
1.1% |
-0.1% |
1.5% |
0.2% |
|
New York |
0.9% |
-0.5% |
0.5% |
-0.3% |
|
Phoenix |
0.7% |
0.2% |
0.6% |
0.2% |
|
Portland |
1.6% |
0.7% |
1.6% |
0.7% |
|
San Diego |
0.3% |
0.0% |
0.9% |
0.2% |
|
San Francisco |
0.4% |
-0.2% |
0.1% |
-1.2% |
|
Seattle |
1.4% |
0.5% |
1.4% |
0.3% |
|
Tampa |
0.5% |
-0.1% |
0.8% |
-0.1% |
|
Washington |
0.8% |
0.1% |
1.0% |
0.0% |
|
Composite-10 |
0.8% |
-0.1% |
0.8% |
-0.2% |
|
Composite-20 |
0.8% |
-0.1% |
0.9% |
-0.1% |
|
U.S. National |
1.0% |
0.2% |
1.1% |
0.1% |
|
Sources: S&P Dow Jones Indices and CoreLogic |
||||
|
Data through June 2016 |
||||
For more information about S&P Dow Jones Indices, please visit www.spdji.com.
ABOUT S&P DOW JONES INDICES
S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than based on any other provider in the world. With over 1,000,000 indices and more than 120 years of experience constructing innovative and transparent solutions, S&P Dow Jones Indices defines the way investors measure and trade the markets.
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FOR MORE INFORMATION:
Soogyung Jordan
Global Head of Communications
New York, USA
(+1) 212 438 2297
soogyung.jordan@spglobal.com
David M. Blitzer
Managing Director and Chairman of Index Committee
New York, USA
(+1) 212 438 3907
david.blitzer@spglobal.com
S&P Dow Jones Indices' interactive blog, HousingViews.com, delivers real-time commentary and analysis from industry experts across S&P Global 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 welcomed and encouraged.
The S&P CoreLogic Case-Shiller 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 CoreLogic Case-Shiller U.S. National 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 CoreLogic Case-Shiller 10-City Composite Home Price Index is a value-weighted average of the 10 original metro area indices. The S&P CoreLogic Case-Shiller 20-City Composite 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, Inc.
The S&P CoreLogic Case-Shiller Indices are produced by CoreLogic, Inc. In addition to the S&P CoreLogic Case-Shiller 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.
SOURCE S&P Dow Jones Indices
