Home Prices Continue Climb in January
Press release from the issuing company
Wednesday, March 27th, 2013
Data through January 2013, released today by S&P Dow Jones Indices for its S&P/Case-Shiller1 Home Price Indices, the leading measure of U.S. home prices, showed average home prices increased 7.3% for the 10-City Composite and 8.1% for the 20-City Composite in the 12 months ending in January 2013.
All 20 cities posted year-over-year gains with Phoenix leading the way with a gain of 23.2%. Nineteen of the twenty cities showed acceleration in their year-over-year returns. Despite posting a positive double-digit annual return, Detroit was the only city to show a deceleration. After 28 months of negative annual returns, New York came into positive territory in January.
In January 2013, the 10- and 20-City Composites posted respective annual increases of 7.3% and 8.1%, and monthly increases of 0.2% and 0.1%.
"The two headline composites posted their highest year-over-year increases since summer 2006," says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. "This marks the highest increase since the housing bubble burst.
"After more than two years of consecutive year-over-year declines, New York reversed trend and posted a positive return in January. The Southwest (Phoenix and Las Vegas) plus San Francisco posted the highest annual increases; they were also among the hardest hit by the housing bust. Atlanta and Dallas recorded their highest year-over-year gains.
"Economic data continues to support the housing recovery. Single-family home building permits and housing starts posted double-digit year-over-year increases in February 2013. Despite a slight uptick in foreclosure filings, numbers are still down 25% year-over-year. Steady employment and low borrowing rates pushed inventories down to their lowest post-recession levels."
As of January 2013, average home prices across the United States are back to their autumn 2003 levels for both the 10-City and 20-City Composites. Measured from their June/July 2006 peaks, the decline for both Composites is approximately 29-30% through January 2013. The January 2013 levels for both Composites are approximately 8-9% from their dip in early 2012.
In January 2013, nine cities -- Atlanta, Charlotte, Las Vegas, Los Angeles, Miami, New York, Phoenix, San Francisco andTampa -- and both Composites posted positive monthly returns. Dallas was the only MSA where the level remained flat.
In terms of annual rates of change, all 20 cities as well as both Composites posted positive change. Atlanta, Detroit, Las Vegas,Los Angeles, Miami, Minneapolis, Phoenix and San Francisco were the eight MSAs to report double-digit annual returns.
The table below summarizes the results for January 2013. The S&P/Case-Shiller Home Price Indices are revised for the 24 prior months, based on the receipt of additional source data.
|
January 2013 |
January '13/December '12 |
December/November |
||
|
Metropolitan Area |
Level |
Change (%) |
Change (%) |
1-Year Change (%) |
|
Atlanta |
96.90 |
1.0% |
0.3% |
13.4% |
|
Boston |
153.80 |
0.0% |
0.1% |
4.0% |
|
Charlotte |
115.15 |
0.2% |
-0.4% |
6.0% |
|
Chicago |
111.62 |
-0.9% |
-0.7% |
3.3% |
|
Cleveland |
100.07 |
-0.5% |
-0.1% |
4.8% |
|
Dallas |
120.51 |
0.0% |
-0.1% |
7.0% |
|
Denver |
134.17 |
0.0% |
-0.3% |
9.2% |
|
Detroit |
80.01 |
-0.9% |
0.2% |
13.8% |
|
Las Vegas |
104.04 |
1.6% |
1.8% |
15.3% |
|
Los Angeles |
180.23 |
0.9% |
1.1% |
12.1% |
|
Miami |
153.51 |
0.8% |
0.8% |
10.8% |
|
Minneapolis |
124.95 |
-0.5% |
-0.2% |
12.1% |
|
New York |
161.64 |
0.1% |
-0.5% |
0.6% |
|
Phoenix |
126.69 |
1.1% |
0.9% |
23.2% |
|
Portland |
140.74 |
-0.4% |
-0.6% |
8.3% |
|
San Diego |
163.28 |
-0.6% |
0.4% |
9.8% |
|
San Francisco |
147.45 |
0.1% |
0.7% |
17.5% |
|
Seattle |
141.30 |
-0.3% |
-0.5% |
8.7% |
|
Tampa |
135.20 |
0.9% |
0.2% |
8.9% |
|
Washington |
187.42 |
-0.7% |
-0.1% |
5.9% |
|
Composite-10 |
158.72 |
0.2% |
0.2% |
7.3% |
|
Composite-20 |
146.14 |
0.1% |
0.2% |
8.1% |
|
Source: S&P Dow Jones Indices and Fiserv |
||||
|
Data through January 2013 |
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Since its launch in early 2006, the S&P/Case-Shiller Home Price 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.
A summary of the monthly changes using the seasonally adjusted (SA) and non-seasonally adjusted (NSA) data can be found in the table below.
|
January '13/December '12 Change (%) |
December/November Change (%) |
|||
|
Metropolitan Area |
NSA |
SA |
NSA |
SA |
|
Atlanta |
1.0% |
1.8% |
0.3% |
0.9% |
|
Boston |
0.0% |
0.4% |
0.1% |
0.6% |
|
Charlotte |
0.2% |
0.7% |
-0.4% |
0.3% |
|
Chicago |
-0.9% |
0.6% |
-0.7% |
0.5% |
|
Cleveland |
-0.5% |
0.9% |
-0.1% |
0.6% |
|
Dallas |
0.0% |
0.9% |
-0.1% |
0.7% |
|
Denver |
0.0% |
1.1% |
-0.3% |
0.8% |
|
Detroit |
-0.9% |
0.2% |
0.2% |
1.0% |
|
Las Vegas |
1.6% |
1.7% |
1.8% |
2.2% |
|
Los Angeles |
0.9% |
1.5% |
1.1% |
1.9% |
|
Miami |
0.8% |
1.2% |
0.8% |
1.0% |
|
Minneapolis |
-0.5% |
1.4% |
-0.2% |
1.2% |
|
New York |
0.1% |
0.6% |
-0.5% |
0.2% |
|
Phoenix |
1.1% |
1.9% |
0.9% |
1.6% |
|
Portland |
-0.4% |
0.9% |
-0.6% |
0.0% |
|
San Diego |
-0.6% |
0.4% |
0.4% |
1.0% |
|
San Francisco |
0.1% |
1.9% |
0.7% |
1.7% |
|
Seattle |
-0.3% |
1.1% |
-0.5% |
0.7% |
|
Tampa |
0.9% |
1.7% |
0.2% |
0.9% |
|
Washington |
-0.7% |
0.4% |
-0.1% |
0.8% |
|
Composite-10 |
0.2% |
1.0% |
0.2% |
0.9% |
|
Composite-20 |
0.1% |
1.0% |
0.2% |
0.9% |
|
Source: S&P Dow Jones Indices and Fiserv |
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|
Data through January 2013 |
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