S&P CORELOGIC CASE-SHILLER INDEX REPORTS 19.2% ANNUAL HOME PRICE GAIN TO START 2022

NEW YORK, March 29, 2022 /PRNewswire/ — The S&P Dow Jones Indices (S&P DJI) today released the latest results for the S&P CoreLogic Case-Shiller Indices, the primary measure of U.S. home prices. Data released today for January 2022 show US home prices continue to rise Over 27 years of history are available for the data series and can be viewed in full by going to https://www.spglobal.com/spdji/ .

YEAR AFTER YEAR

The S&P CoreLogic Case-Shiller US National Home Price NSA Index, covering the nine US census divisions, posted an annual gain of 19.2% in January, compared with 18.9% the previous month. The 10-City Composite’s year-on-year increase was 17.5%, compared to 17.1% the previous month. The 20-City Composite posted a 19.1% year-over-year gain, compared to 18.6% the previous month.

Phoenix, Tampaand Miami posted 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 an increase of 30.8% and Miami with an increase of 28.1%. Sixteen of 20 cities reported higher price increases in the year ending January 2022 compared to the year ending December 2021.

MONTH ON MONTH

Before seasonal adjustment, the US national index posted a 1.1% month-over-month increase in January, while the 10- and 20-city composite indexes both posted increases of 1. 4%.

After seasonal adjustment, the US national index posted a monthly increase of 1.6%, and the 10- and 20-city composite indexes both posted increases of 1.8%.

In January, all 20 cities reported increases before and after seasonal adjustments.

TO ANALYSE

“The evolution of house prices in January 2022 maintained the strength we had seen for most of the previous year,” says Craig J. Lazzara, Managing Director at S&P DJI. “The National Composite Index posted a 19.2% gain for the 12 months ending in January 2022; the 10 and 20 city composites increased by 17.5% and 19.1%, respectively. All three composites reflect a slight acceleration in price growth for January 2022.

“Last fall, we observed that house prices, although continuing to rise quite strongly, had begun to slow. Even this modest deceleration was interrupted in January. The 19.2% year-on-year change on the other for January was the fourth-largest reading in its 35-year history.

“The strength in house prices continues to be very widespread. All 20 cities saw price increases in January 2022, with prices accelerating in 16 cities compared to the December 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.

by Phoenix The 32.6% rise in prices led all cities in the 32n/a consecutive month. Tampa (+30.8%) and Miami (+28.1%) continued in the silver and bronze positions in January. Prices were highest in the South (+26.6%) and Southeast (+26.5%), but each region continued to register impressive gains.

“The macroeconomic environment is changing rapidly. Declining COVID cases and picking up general economic activity have fueled inflation, and the Federal Reserve has begun to raise interest rates in response. We may soon begin to see the impact of rising mortgage rates on house prices.”

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

Running

Index

Level

Dated

Level

Dated

From peak
(%)

Level

From the 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

12th of March

-35.1%

289.73

116.1%

40.3%

10-City

226.29

Jun-06

146.45

12th of March

-35.3%

301.92

106.2%

33.4%

Table 2 below summarizes the results for January 2022. The S&P CoreLogic Case-Shiller indices may be revised for the previous 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%

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%

United States National

281.85

1.1%

0.9%

19.2%

Sources: S&P Dow Jones and CoreLogic indices


Data through January 2022













Table 3 below presents a summary of the monthly variations using seasonally adjusted (SA) and non-seasonally adjusted (NSA) data. Since their launch in early 2006, the S&P CoreLogic Case-Shiller indices have published, and markets have tracked and reported, the unseasonally adjusted data set used in the major indices. For analytical purposes, S&P Dow Jones Indices publishes a set of seasonally adjusted data covered in the major indices, as well as for the 17 of 20 markets with tiered price indices and the five condominium markets that are tracked.


January ’22/December ’21 Variation (%)

Variation December/November (%)

Metropolitan area

NSA

HER

NSA

HER

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%

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%

United States National

1.1%

1.6%

0.9%

1.3%

Sources: S&P Dow Jones and CoreLogic indices


Data through January 2022













For more information on the S&P Dow Jones Indices, please visit https://www.spglobal.com/spdji/.

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FOR MORE INFORMATION:

April Kabahar
Global Communications Manager
New York, United States
(+1) 212 438 7530
[email protected]

Raymond McConville
Communications Manager
New York, United States
(+1) 212 438 1678
[email protected]

S&P Dow Jones Indices’ interactive blog, IndexologyBlog.com, offers real-time commentary and analysis from S&P Global industry experts on a wide range of topics impacting residential home prices, home construction and mortgage financing in United States. Readers and viewers can visit the blog at www.indexologyblog.com, where comments and comments are welcome and encouraged.

The S&P CoreLogic Case-Shiller indices are released on the last Tuesday of each month at 9:00 a.m. ET. They are built to accurately track the price trends of typical single-family homes located in each metropolitan area provided. Each index combines matched price pairs for thousands of single-family homes from the available universe of independent sales data. The S&P CoreLogic Case-Shiller National Home Price Index tracks the value of single-family homes in United States. The index is a composite of the single-family home price indexes for the nine US 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 original 10 metropolitan area indices. The S&P CoreLogic Case-Shiller 20-City Composite Home Price Index is a value-weighted average of the 20 metropolitan area indices. Indices have a base value of 100 in January 2000; so, for example, a current index value of 150 translates to a 50% appreciation rate since January 2000 for a typical house located in the market in question.

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 house price index sets covering thousands of zip codes, counties, metropolitan areas and state markets. The indices, published by S&P Dow Jones Indices, represent only a small subset of the broader data available through CoreLogic.

Case Shiller® and CoreLogic® are registered trademarks of CoreLogic Case-Shiller, LLC or its affiliates or subsidiaries (“CoreLogic”) and are used under license by S&P Dow Jones Indices. None of the index-based financial products produced by CoreLogic or its relevant predecessors is sponsored, sold or promoted by CoreLogic, and neither CoreLogic nor any of its affiliates, subsidiaries or relevant predecessors makes any representation as to the advisability of invest in such products.

SOURCES S&P Dow Jones Indices

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