NEW
YORK, May 1, 2024 /PRNewswire/ -- S&P Dow
Jones Indices (S&P DJI) today released the February 2024 results for the S&P CoreLogic
Case-Shiller Indices. The leading measure of U.S. home prices shows
that 18 out of the 20 major metro markets reported month-over-month
price increases. More than 27 years of history are available for
the data series and can be accessed in full by going to
www.spglobal.com/spdji/en/index-family/indicators/sp-corelogic-case-shiller.
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 6.4%
annual gain for February, up from a 6.0% rise in the previous
month. The 10-City Composite showed an increase of 8.0%, up from a
7.4% increase in the previous month. The 20-City Composite posted a
year-over-year increase of 7.3%, up from a 6.6% increase in the
previous month. San Diego
continued to report the highest year-over-year gain among the 20
cities with an 11.4% increase in February, followed by Chicago and Detroit, with increases of 8.9%. Portland, while still holding the lowest rank
after reporting two consecutive months of the smallest
year-over-year growth, had a significant annual increase of 2.2% in
February.
MONTH-OVER-MONTH
The U.S. National Index, the 20-City Composite, and the 10-City
Composite all rose for the first time since October 2023, showing pre-seasonality adjustment
increases of 0.6%, 0.9% and 1.0%, respectively.
After seasonal adjustment, the U.S. National Index posted a
month-over-month increase of 0.4%, while the 20-City and the
10-City Composite both reported month-over-month increases of
0.6%.
ANALYSIS
"Following last year's decline, U.S. home prices are at or near
all-time highs," says Brian D. Luke,
Head of Commodities, Real & Digital Assets at S&P Dow Jones
Indices. "Our National Composite rose by 6.4% in February, the
fastest annual rate since November
2022. Our 10- and 20-City Composite indices are currently at
all-time highs. For the third consecutive month, all cities
reported increases in annual prices, with four currently at
all-time highs: San Diego,
Los Angeles, Washington, D.C., and New York. On a seasonal adjusted basis, our
National, 10- and 20- City Composite indices continue to break
through previous all-time highs set last year."
"Since the previous peak in prices in 2022, this marks the
second time home prices have pushed higher in the face of economic
uncertainty. The first decline followed the start of the Federal
Reserve's hiking cycle. The second decline followed the peak in
average mortgage rates last October. Enthusiasm for potential Fed
cuts and lower mortgage rates appears to have supported buyer
behavior, driving the 10- and 20- City Composites to new
highs."
"The Northeast region, which includes Boston, New
York, and Washington, D.C.,
ranks as the best performing market for over the last half year. As
remote work benefitted smaller (and sunnier markets) in the first
part of the decade, return to office may be contributing to
outperformance in larger metropolitan markets in the Northeast,"
according to Luke.
"San Diego has been the best
performing market following the trough in home prices observed in
early 2023. With Los Angeles
rising for 13 consecutive months to record another new high,
Southern California has
outperformed its surrounding neighbors. San Francisco has dropped 12% since its peak,
while Phoenix and Las Vegas have dropped 6% and 4.5%,
respectively."
"With all markets increasing on an annual basis, similar
performance was observed in the monthly return data. Eighteen
markets experienced uplift in February. Tampa experienced a decline of 0.3% while
Seattle has the largest monthly
gain of 2.3%."
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 Peak
(%)
|
Level
|
From Trough
(%)
|
From Peak
(%)
|
National
|
184.61
|
Jul-06
|
134.00
|
Feb-12
|
-27.4 %
|
312.18
|
133.0 %
|
69.1 %
|
20-City
|
206.52
|
Jul-06
|
134.07
|
Mar-12
|
-35.1 %
|
319.95
|
138.6 %
|
54.9 %
|
10-City
|
226.29
|
Jun-06
|
146.45
|
Mar-12
|
-35.3 %
|
336.00
|
129.4 %
|
48.5 %
|
|
|
|
|
|
|
|
|
|
|
Table 2 below summarizes the results for February 2024. The S&P CoreLogic Case-Shiller
Indices could be revised for the prior 24 months, based on the
receipt of additional source data.
|
February
2024
|
February/
January
|
January 24/December
23
|
1-Year
|
|
Metropolitan
Area
|
Level
|
Change (%)
|
Change (%)
|
Change (%)
|
|
Atlanta
|
241.43
|
0.4 %
|
-0.2 %
|
6.4 %
|
|
Boston
|
321.90
|
1.0 %
|
-0.5 %
|
8.0 %
|
|
Charlotte
|
270.97
|
0.2 %
|
-0.1 %
|
8.2 %
|
|
Chicago
|
198.16
|
1.1 %
|
-0.5 %
|
8.9 %
|
|
Cleveland
|
181.07
|
0.0 %
|
-1.0 %
|
7.0 %
|
|
Dallas
|
291.54
|
0.6 %
|
-0.2 %
|
3.5 %
|
|
Denver
|
311.47
|
0.9 %
|
-0.5 %
|
2.7 %
|
|
Detroit
|
179.90
|
0.5 %
|
-0.7 %
|
8.9 %
|
|
Las Vegas
|
286.54
|
0.6 %
|
-0.1 %
|
7.3 %
|
|
Los Angeles
|
426.26
|
1.1 %
|
0.1 %
|
8.7 %
|
|
Miami
|
429.16
|
0.1 %
|
-0.1 %
|
8.0 %
|
|
Minneapolis
|
232.20
|
0.7 %
|
-0.6 %
|
3.9 %
|
|
New York
|
295.41
|
0.8 %
|
-0.3 %
|
8.7 %
|
|
Phoenix
|
322.82
|
0.5 %
|
-0.5 %
|
4.9 %
|
|
Portland
|
318.95
|
1.2 %
|
-0.2 %
|
2.2 %
|
|
San Diego
|
428.26
|
1.7 %
|
1.9 %
|
11.4 %
|
|
San
Francisco
|
346.43
|
1.7 %
|
-0.2 %
|
5.2 %
|
|
Seattle
|
370.26
|
2.3 %
|
0.0 %
|
7.1 %
|
|
Tampa
|
380.02
|
-0.3 %
|
-0.2 %
|
4.3 %
|
|
Washington
|
317.46
|
1.1 %
|
0.5 %
|
7.1 %
|
|
Composite-10
|
336.00
|
1.0 %
|
0.0 %
|
8.0 %
|
|
Composite-20
|
319.95
|
0.9 %
|
-0.1 %
|
7.3 %
|
|
U.S.
National
|
312.18
|
0.6 %
|
-0.1 %
|
6.4 %
|
|
|
|
|
|
|
Sources: S&P Dow
Jones Indices and CoreLogic
|
|
|
|
|
|
|
|
|
Data through
February 2024
|
|
|
|
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.
|
February/January Change
(%)
|
January 24/December 23
Change (%)
|
Metropolitan
Area
|
NSA
|
SA
|
NSA
|
SA
|
Atlanta
|
0.4 %
|
0.4 %
|
-0.2 %
|
0.2 %
|
Boston
|
1.0 %
|
0.8 %
|
-0.5 %
|
0.1 %
|
Charlotte
|
0.2 %
|
0.4 %
|
-0.1 %
|
0.5 %
|
Chicago
|
1.1 %
|
1.1 %
|
-0.5 %
|
0.2 %
|
Cleveland
|
0.0 %
|
0.3 %
|
-1.0 %
|
-0.1 %
|
Dallas
|
0.6 %
|
0.2 %
|
-0.2 %
|
0.3 %
|
Denver
|
0.9 %
|
0.2 %
|
-0.5 %
|
-0.5 %
|
Detroit
|
0.5 %
|
0.2 %
|
-0.7 %
|
0.0 %
|
Las Vegas
|
0.6 %
|
0.7 %
|
-0.1 %
|
0.5 %
|
Los Angeles
|
1.1 %
|
0.5 %
|
0.1 %
|
0.2 %
|
Miami
|
0.1 %
|
0.6 %
|
-0.1 %
|
-0.1 %
|
Minneapolis
|
0.7 %
|
0.6 %
|
-0.6 %
|
0.1 %
|
New York
|
0.8 %
|
1.0 %
|
-0.3 %
|
0.0 %
|
Phoenix
|
0.5 %
|
0.3 %
|
-0.5 %
|
0.0 %
|
Portland
|
1.2 %
|
0.8 %
|
-0.2 %
|
-0.1 %
|
San Diego
|
1.7 %
|
0.3 %
|
1.9 %
|
1.8 %
|
San
Francisco
|
1.7 %
|
0.2 %
|
-0.2 %
|
0.2 %
|
Seattle
|
2.3 %
|
1.1 %
|
0.0 %
|
-0.1 %
|
Tampa
|
-0.3 %
|
-0.3 %
|
-0.2 %
|
0.3 %
|
Washington
|
1.1 %
|
0.8 %
|
0.5 %
|
0.9 %
|
Composite-10
|
1.0 %
|
0.6 %
|
0.0 %
|
0.2 %
|
Composite-20
|
0.9 %
|
0.6 %
|
-0.1 %
|
0.2 %
|
U.S.
National
|
0.6 %
|
0.4 %
|
-0.1 %
|
0.3 %
|
Sources: S&P Dow
Jones Indices and CoreLogic
|
|
|
|
|
Data through
February 2024
|
|
|
|
For more information about S&P Dow Jones Indices, please
visit www.spglobal.com/spdji.
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delivers real-time commentary and analysis from industry experts
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feedback and commentary are 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.
Case-Shiller® and CoreLogic® are
trademarks of CoreLogic Case-Shiller, LLC or its affiliates or
subsidiaries ("CoreLogic") and have been licensed for use by
S&P Dow Jones Indices. None of the financial products based on
indices produced by CoreLogic or its predecessors in interest are
sponsored, sold, or promoted by CoreLogic, and neither CoreLogic
nor any of its affiliates, subsidiaries, or predecessors in
interest makes any representation regarding the advisability of
investing in such products.
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SOURCE S&P Dow Jones Indices