S&P Corelogic Case Shiller Index Reports 19.2% Annual Home Price Gain to Start 2022
Thursday, March 31st, 2022
S&P Dow Jones Indices (S&P DJI) 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 January 2022 show that home prices continue to increase across the U.S. More than 27 years of history are available for the data series and can be accessed in full by going to https://www.spglobal.com/spdji/.
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 19.2% annual gain in January, up from 18.9% in the previous month. The 10-City Composite annual increase came in at 17.5%, up from 17.1% in the previous month. The 20-City Composite posted a 19.1% year-over-year gain, up from 18.6% in the previous month.
Phoenix, Tampa, and Miami reported the highest year-over-year gains among the 20 cities in January. Phoenix led the way with a 32.6% year-over-year price increase, followed by Tampa with a 30.8% increase and Miami with a 28.1% increase. Sixteen of the 20 cities reported higher price increases in the year ending January 2022 versus the year ending December 2021.
Before seasonal adjustment, the U.S. National Index posted an 1.1% month-over-month increase in January, while the 10-City and 20-City Composites both posted increases of 1.4%.
After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 1.6%, and the 10-City and 20-City Composites both posted increases of 1.8%.
In January, all 20 cities reported increases before and after seasonal adjustments.
"Home price changes in January 2022 continued the strength we had observed for much of the prior year," says Craig J. Lazzara, Managing Director at S&P DJI. "The National Composite Index recorded a gain of 19.2% for the 12 months ended in January 2022; the 10- and 20-City Composites rose 17.5% and 19.1%, respectively. All three composites reflect a small acceleration of price growth for January 2022.
"Last fall we observed that home prices, although continuing to rise quite sharply, had begun to decelerate. Even that modest deceleration was on pause in January. The 19.2% year-over-year change for January was the fourth-largest reading in 35 years of history.
"The strength in home prices continues to be very broadly based. All 20 cities saw price increases in January 2022, with prices in 16 cities accelerating relative to December's report. January's price increase ranked in the top quintile of historical experience for 19 cities, and in the top decile for 17 of them.
"Phoenix's 32.6% price increase led all cities for the 32nd consecutive month. Tampa (+30.8%) and Miami (+28.1%) continued in silver and bronze positions in January. Prices were strongest in the South (+26.6%) and Southeast (+26.5%), but every region continued to log impressive gains.
"The macroeconomic environment is evolving rapidly. Declining COVID cases and a resumption of general economic activity has stoked inflation, and the Federal Reserve has begun to increase interest rates in response. We may soon begin to see the impact of increasing mortgage rates on home prices."
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 |
133.99 |
Feb-12 |
-27.4% |
281.85 |
110.4% |
52.7% |
|
20-City |
206.52 |
Jul-06 |
134.07 |
Mar-12 |
-35.1% |
289.73 |
116.1% |
40.3% |
|
10-City |
226.29 |
Jun-06 |
146.45 |
Mar-12 |
-35.3% |
301.92 |
106.2% |
33.4% |
Table 2 below summarizes the results for January 2022. The S&P CoreLogic Case-Shiller Indices could be revised for the prior 24 months, based on the receipt of additional source data.
|
January 2022 |
January '22/December '21 |
December/November |
1-Year |
|||||
|
Metropolitan Area |
Level |
Change (%) |
Change (%) |
Change (%) |
||||
|
Atlanta |
208.41 |
1.5% |
1.2% |
22.5% |
||||
|
Boston |
285.67 |
0.7% |
0.7% |
13.3% |
||||
|
Charlotte |
231.23 |
1.3% |
1.4% |
24.4% |
||||
|
Chicago |
173.53 |
0.6% |
0.6% |
12.5% |
||||
|
Cleveland |
161.01 |
0.3% |
0.7% |
13.3% |
||||
|
Dallas |
268.41 |
1.9% |
1.7% |
27.3% |
||||
|
Denver |
297.66 |
1.6% |
1.1% |
20.8% |
||||
|
Detroit |
160.99 |
0.7% |
0.7% |
14.0% |
||||
|
Las Vegas |
268.79 |
1.7% |
1.0% |
26.2% |
||||
|
Los Angeles |
384.99 |
1.6% |
0.9% |
19.9% |
||||
|
Miami |
350.18 |
1.8% |
1.9% |
28.1% |
||||
|
Minneapolis |
219.73 |
0.5% |
0.4% |
11.8% |
||||
|
New York |
257.56 |
0.9% |
1.2% |
13.5% |
||||
|
Phoenix |
307.39 |
1.7% |
1.3% |
32.6% |
||||
|
Portland |
314.70 |
0.9% |
0.9% |
17.7% |
||||
|
San Diego |
383.92 |
2.5% |
1.8% |
27.1% |
||||
|
San Francisco |
353.50 |
2.4% |
0.8% |
20.9% |
||||
|
Seattle |
365.35 |
2.0% |
1.5% |
24.7% |
||||
|
Tampa |
329.63 |
2.3% |
1.6% |
30.8% |
||||
|
Washington |
288.05 |
1.1% |
0.5% |
11.2% |
||||
|
Composite-10 |
301.92 |
1.4% |
1.0% |
17.5% |
||||
|
Composite-20 |
289.73 |
1.4% |
1.1% |
19.1% |
||||
|
U.S. National |
281.85 |
1.1% |
0.9% |
19.2% |
||||
|
Sources: S&P Dow Jones Indices and CoreLogic |
||||||||
|
Data through January 2022 |
||||||||
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.
|
January '22/December '21 Change (%) |
December/November Change (%) |
|||||||
|
Metropolitan Area |
NSA |
SA |
NSA |
SA |
||||
|
Atlanta |
1.5% |
1.8% |
1.2% |
1.6% |
||||
|
Boston |
0.7% |
1.3% |
0.7% |
1.3% |
||||
|
Charlotte |
1.3% |
1.7% |
1.4% |
1.8% |
||||
|
Chicago |
0.6% |
1.2% |
0.6% |
1.3% |
||||
|
Cleveland |
0.3% |
1.1% |
0.7% |
1.2% |
||||
|
Dallas |
1.9% |
2.2% |
1.7% |
2.0% |
||||
|
Denver |
1.6% |
1.7% |
1.1% |
1.5% |
||||
|
Detroit |
0.7% |
1.2% |
0.7% |
1.2% |
||||
|
Las Vegas |
1.7% |
2.0% |
1.0% |
1.3% |
||||
|
Los Angeles |
1.6% |
1.8% |
0.9% |
1.3% |
||||
|
Miami |
1.8% |
1.9% |
1.9% |
2.0% |
||||
|
Minneapolis |
0.5% |
1.2% |
0.4% |
1.1% |
||||
|
New York |
0.9% |
1.1% |
1.2% |
1.1% |
||||
|
Phoenix |
1.7% |
2.2% |
1.3% |
1.7% |
||||
|
Portland |
0.9% |
1.2% |
0.9% |
1.3% |
||||
|
San Diego |
2.5% |
2.6% |
1.8% |
2.6% |
||||
|
San Francisco |
2.4% |
3.2% |
0.8% |
1.7% |
||||
|
Seattle |
2.0% |
2.1% |
1.5% |
2.1% |
||||
|
Tampa |
2.3% |
2.6% |
1.6% |
1.9% |
||||
|
Washington |
1.1% |
1.5% |
0.5% |
0.8% |
||||
|
Composite-10 |
1.4% |
1.8% |
1.0% |
1.3% |
||||
|
Composite-20 |
1.4% |
1.8% |
1.1% |
1.4% |
||||
|
U.S. National |
1.1% |
1.6% |
0.9% |
1.3% |
||||
|
Sources: S&P Dow Jones Indices and CoreLogic |
||||||||
|
Data through January 2022 |
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For more information about S&P Dow Jones Indices, please visit https://www.spglobal.com/spdji/.
