NEW YORK, NY – S&P Dow Jones Indices Tuesday released the latest results for the S&P CoreLogic Case-Shiller Indices, the leading measure of U.S. home prices. Data released today for February 2018 shows that home prices continued their rise across the country over the last 12 months.

“Home prices continue to rise across the country,” says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “The S&P CoreLogic Case-Shiller National Index is up 6.3% in the 12 months through February 2018. Year-over-year prices measured by the National index have increased continuously for the past 70 months, since May 2012. Over that time, the price increases averaged 6% per year. This run, which is still ongoing, compares to the previous long run from January 1992 to February 2007, 182 months, when prices averaged 6.1% annually.  With expectations for continued economic growth and further employment gains, the current run of rising prices is likely to continue.

“Increasing employment supports rising home prices both nationally and locally. Among the 20 cities covered by the S&P CoreLogic Case-Shiller Indices, Seattle enjoyed both the largest gain in employment and in home prices over the 12 months ended in February 2018. At the other end of the scale, Chicago was ranked 19th in both home price and employment gains; Cleveland ranked 18th in home prices and 20th in employment increases. In San Francisco and Los Angeles, home price gains ranked much higher than would be expected from their employment increases, indicating that California home prices continue to rise faster than might be expected. In contrast, Miami home prices experienced some of the smaller increases despite better than average employment gains.”

More than 27 years of history for these data series is available and can be accessed in full by going to www.homeprice.spdji.com.

Additional content on the housing market can also be found on S&P Dow Jones Indices’ housing blog: www.housingviews.com.

Phoenix Median Sale Price up by 5.6% -Tucson Median Sale Prices up 3.6%

Redfin’s National Market Tracker follows housing trends in the country’s largest metropolitan divisions (those with population 500,000 or greater) served by Redfin agents. Analysis by Redfin is based on all residential home sales transacted on the multiple-listing service and supplemented by county recorder data where available.

Redfin is reporting home sales increased at a rate of 5.4% in April compared to a year earlier, and the median sale price rose 6.5% year-over-year to $275,700. April was the third month in a row that prices grew above 6%, a sign that demand is putting more upward pressure on prices. Growth in home prices had eased for much of last year, settling at a steady rate of around 5.5%.

Newly listed homes for sale climbed 10.7%, the third straight month of growth at around 10%, while inventory remained flat year over year.

Strong homebuyer demand is favoring sellers, with 21% of homes sold above asking price, an increase of 0.3% compared with last April and the first year-over-year increase in 19 months. Typically, this rate peaks in June, meaning we could see an even more competitive market this year than at the peak of 2013. On average, homes sold in 31 days, two days faster than this time last spring. More than a third of all new listings sold in less than two weeks.

Other April Highlights:

Prices:

• The Bay Area saw another explosion in year-over-year price growth, with San Francisco prices increasing 22.2% to $1.1 million, and San Jose up 21.6% to $900,000, the strongest gain for both metro areas in two years.
• Denver had a sixth-straight month of double-digit price growth, rising 16.7% to $315,000.
• Baltimore prices have fallen year over year for nine of the last 10 months. The metro area’s median sale price was $230,000 in April.

Sales:

• Tacoma, WA, saw the largest year-over-year increase in home sales at 24.9%, followed by Portland, OR, (21.4%) and Minneapolis (21.3%).
• Boston saw a big year-over-year drop in sales, with 9.5% fewer homes selling compared to last April. Since the beginning of 2014, year-over-year Boston sales have fallen every month but October. April’s decline was the largest during that period.
• Sales in San Francisco and San Jose fell dramatically.  Only 659 homes in the San Jose market sold in April, a decline of 57.2% compared to a year earlier. San Francisco posted a 27.5% decline, with 1,073 homes sold.

Competition:

• The average home in Denver sold in just five days in April, breaking its own record of 7 days set in March.
• Seattle also saw its own fastest-ever market with the average home selling in just nine days. And 43.4% of homes sold above asking price, the second highest percentage ever recorded (the highest of 44.3% set in June of 2013).

Fresno, CA, and Denver saw the biggest jumps in the percentage of homes selling above asking price. In Fresno, 19.5% of homes sold above asking, up by 19.1 percentage points. In Denver, 51.2% of homes above asking price, up 18.4 points from last April.New Listings:

• Fresno, CA, had the largest increase in new listings over the previous year, with 30.8% more homes listed. Boston (25.6%), Riverside-San Bernardino (24%), Allentown, PA, (23.8%), and Richmond, VA, (20.3%) also had strong growth in new listings.
• San Francisco (-9.2%), San Jose (-1.1%), and Oakland, CA, (-0.1%) were the only Redfin markets with fewer new listings in April compared to the previous year.
• Fort Myers-Cape Coral, FL, had the biggest growth in median list prices, rising 18.4% to $225,000 in April.

Data for the April National Market Tracker can be downloaded as an Excel Spreadsheet.

Median Sale Price (other cities tracked by Redfin have been removed here)

Median List Price

Homes Sold

New Listings

Inventory

Tuesday, CoreLogic reported that July 2014 national home prices increased by 7.4% year-over-year, and by 1.2% month-over-month. This marks the 29th consecutive month of year-over-year increases in the CoreLogic Home Price Index (HPI). Excluding distressed sales, home prices increased 6.8 % from July 2013 and were up 1.1% from the prior month. Including distressed sales, prices were still 11.9% below the peak in April 2006, and excluding distressed sales, prices were down 8.3% from peak levels.

Including distressed sales, year-over-year home prices were up in every state but Arkansas. Michigan led the country with an 11.4% price increase from July 2013, followed by Maine with a 10.6% increase. Excluding distressed sales, all states experienced a year-over-year rise in prices, with Massachusetts (+11.2%) and New York (+9.7%) showing the largest increases.

Twelve states reached new highs in home prices in June 2014, were: Texas, Colorado, North Dakota, Tennessee, South Dakota, District of Columbia, Vermont, Alaska, Nebraska, Oklahoma, Louisiana, and Iowa.

In addition to the overall price indices, CoreLogic analyzes four individual home-price tiers. The price tiers tracked by the CoreLogic HPI are calculated relative to the mean national home price and include homes that are priced 75 % or less below the mean (low price), between 75 and 100 % of the mean (low-to-middle price), between 100 and 125% of the mean (middle-to-moderate price) and greater than 125% of the mean (high price).

Figure 1 shows the levels of the four price tiers indexed to January 2011. The two lower-priced tiers have recovered the most from their trough levels (both hit bottom in March 2011), with the low-price tier recovering 41% from the trough and the low-to-middle tier recovering 35.3 % from the trough. As of July 2014, the low-price tier increased 11.1% year-over-year. The two higher-price tiers both bottomed out in February 2012, with the middle-to-moderate price tier recovering 32.5% from the trough and the high-price tier recovering 27.1% from the trough. The high-price tier fell the least, at 27.9% peak-to-trough, and is currently 8.4% below its peak. The low-to-middle price tier fared the worst in the housing crisis, falling 37.2% peak-to-trough, and is now 15% below peak levels.

Figure 2 shows the current, maximum and minimum year-over-year growth rates for the 25 states with the highest year-over-year appreciation. The figure illustrates that some of the states now growing the fastest also fell the farthest in the housing crisis. The five states with the largest peak-to-current declines, including distressed transactions, were: Nevada (-36.4%), Florida (-33.0%), Arizona (-28.9%), Rhode Island (-26.9%) and New Jersey (-20.6%).