Home Prices Accelerate in January 2013 According to the S&P/Case-Shiller Home
NEW YORK, March 26, 2013
NEW YORK, March 26, 2013 /PRNewswire/ --Data through January 2013, 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 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
"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 and Tampa -- and both Composites
posted positive monthly returns. Dallas was the only MSA where the level
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.
More than 26 years of history for these data series are available, and can be
accessed in full by going to www.homeprice.spindices.com. Additional content
on the housing market may also be found on S&P Dow Jones Indices' housing
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 December/November
Metropolitan Area Level Change (%) Change (%) 1-Year
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
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 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
Data through January 2013
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S&P Dow Jones Indices has introduced a new blog called HousingViews.com. This
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The S&P/Case-Shiller Home Price Indices are published on the last Tuesday of
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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/Case-Shiller 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
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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