Home Prices Extend Gains According to the S&P/Case-Shiller Home Price Indices
NEW YORK, Jan. 29, 2013
NEW YORK, Jan. 29, 2013 /PRNewswire/ --Data through November 2012, released
today by S&P Dow Jones Indices for its S&P/Case-Shiller^1 Home Price Indices,
the leading measure of U.S. home prices, showed home prices rose 4.5% for the
10-City Composite and 5.5% for the 20-City Composite in the 12 months ending
in November 2012.
In the 12 months ended in November, prices rose in 19 of the 20 cities and
fell in New York. In 19 cities prices rose faster in the 12 months to
November than in the 12 months to October; Cleveland prices rose at the same
pace in both time periods. Phoenix led with the fastest price rise – up 22.8%
in 12 months as it posted its seventh consecutive month of double-digit annual
In November 2012, the 10- and 20-City Composites posted respective annual
increases of 4.5% and 5.5%, and monthly declines of 0.2% and 0.1%.
"The November monthly figures were stronger than October, with 10 cities
seeing rising prices versus seven the month before." says David M. Blitzer,
Chairman of the Index Committee at S&P Dow Jones Indices. "Phoenix and San
Francisco were both up 1.4% in November followed by Minneapolis up 1.0%. On
the down side, Chicago was again amongst the weakest with a drop of 1.3% for
"Winter is usually a weak period for housing which explains why we now see
about half the cities with falling month-to-month prices compared to 20 out of
20 seeing rising prices last summer. The better annual price changes also
point to seasonal weakness rather than a reversal in the housing market.
Further evidence that the weakness is seasonal is seen in the seasonally
adjusted figures: only New York saw prices fall on a seasonally adjusted basis
while Cleveland was flat.
Regional patterns are shifting as well. The Southwest – Las Vegas and Phoenix
– are staging a strong comeback with the Southeast -- Miami and Tampa close
behind. The sunbelt, which bore the brunt of the housing collapse, is back in
a leadership position. California is also doing well while the northeast and
industrial Midwest is lagging somewhat.
"Housing is clearly recovering. Prices are rising as are both new and existing
home sales. Existing home sales in November were 5.0 million, highest since
November 2009. New Home sales at 398,000 were the highest since June 2010.
These figures confirm that housing is contributing to economic growth.
As of November 2012, 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 30% through November 2012. In November 2012, the recovery for
both Composites from their recent lows in early 2012 was approximately 8-9%.
In November 2012, 10 cities and both Composites posted negative monthly
returns. Atlanta, Denver, Las Vegas, Los Angeles, Miami, Minneapolis, Phoenix,
San Diego, San Francisco and Seattle were the ten MSAs to post positive
In the context of monthly changes, Boston, Chicago and New York have fared the
worst – with more than six months of declining prices in the past 12 months.
More than 25 years of history for these data series are available, and can be
accessed in full by going to www.homeprice.standardandpoors.com. Additional
content on the housing market may also be found on S&P Dow Jones Indices'
housing blog: www.housingviews.com.
The table below summarizes the results for November 2012. The S&P/Case-Shiller
Home Price Indices are revised for the 24 prior months, based on the receipt
of additional source data.
November 2012 November/October October/September
Metropolitan Area Level Change (%) Change (%) 1-Year
Atlanta 95.68 0.1% -0.5% 7.6%
Boston 153.74 -0.9% -1.4% 2.3%
Charlotte 115.41 -0.3% -0.4% 5.1%
Chicago 113.35 -1.3% -1.6% 0.8%
Cleveland 100.68 -0.8% -0.6% 1.8%
Dallas 120.55 -0.1% -0.7% 5.7%
Denver 134.50 0.4% 0.0% 7.8%
Detroit 80.33 -0.3% 0.9% 11.9%
Las Vegas 100.56 0.4% 2.8% 10.0%
Los Angeles 176.58 0.4% 0.6% 7.7%
Miami 151.13 0.8% -0.2% 9.9%
Minneapolis 126.41 1.0% -0.5% 11.1%
New York 162.86 -1.1% -0.8% -1.2%
Phoenix 124.16 1.4% 1.4% 22.8%
Portland 142.13 -0.2% 0.9% 6.7%
San Diego 163.58 0.9% 1.3% 8.0%
San Francisco 146.23 1.4% 0.7% 12.7%
Seattle 142.53 0.5% -0.2% 7.4%
Tampa 133.77 -0.2% -0.5% 6.8%
Washington 189.11 -0.6% -0.8% 4.4%
Composite-10 158.28 -0.2% -0.2% 4.5%
Composite-20 145.82 -0.1% -0.2% 5.5%
Source: S&P Dow Jones Indices and Fiserv
Data through November 2012
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.
November/October Change (%) October/September Change (%)
Metropolitan Area NSA SA NSA SA
Atlanta 0.1% 1.6% -0.5% 1.4%
Boston -0.9% 0.1% -1.4% -0.3%
Charlotte -0.3% 0.3% -0.4% 0.4%
Chicago -1.3% 0.1% -1.6% -0.7%
Cleveland -0.8% 0.0% -0.6% 0.2%
Dallas -0.1% 0.8% -0.7% 0.3%
Denver 0.4% 1.1% 0.0% 0.6%
Detroit -0.3% 1.0% 0.9% 1.8%
Las Vegas 0.4% 1.0% 2.8% 2.4%
Los Angeles 0.4% 0.8% 0.6% 1.2%
Miami 0.8% 0.7% -0.2% 0.4%
Minneapolis 1.0% 1.9% -0.5% 0.5%
New York -1.1% -0.3% -0.8% -0.5%
Phoenix 1.4% 1.5% 1.4% 1.3%
Portland -0.2% 0.6% 0.9% 0.9%
San Diego 0.9% 1.5% 1.3% 1.6%
San Francisco 1.4% 2.5% 0.7% 1.2%
Seattle 0.5% 1.1% -0.2% 0.3%
Tampa -0.2% 0.4% -0.5% 0.1%
Washington -0.6% 0.3% -0.8% 0.0%
Composite-10 -0.2% 0.5% -0.2% 0.5%
Composite-20 -0.1% 0.6% -0.2% 0.6%
Source: S&P Dow Jones Indices and Fiserv
Data through November 2012
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S&P Dow Jones Indices has introduced a new blog called HousingViews.com. This
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Standard & Poor's organization 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 certainly welcomed and encouraged.
The S&P/Case-Shiller Home Price 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
National U.S. 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/Case-Shiller Composite of 10 Home Price Index is a value-weighted average
of the 10 original metro area indices. The S&P/Case-Shiller Composite of 20
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 Fiserv, Inc.
The S&P/Case-Shiller Home Price Indices are produced by Fiserv, Inc. In
addition to the S&P/Case-Shiller Home Price Indices, Fiserv 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 Fiserv.
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