by Calculated Risk on 3/26/2013 09:18:00 AM
Tuesday, March 26, 2013
Case-Shiller: Comp 20 House Prices increased 8.1% year-over-year in January
S&P/Case-Shiller released the monthly Home Price Indices for January ("January" is a 3 month average of November, December and January).
This release includes prices for 20 individual cities, and two composite indices (for 10 cities and 20 cities).
Note: Case-Shiller reports Not Seasonally Adjusted (NSA), I use the SA data for the graphs.
From S&P: Home Prices Accelerate in January 2013 According to the S&P/Case-Shiller Home Price Indices
Data through January 2013, released today by S&P Dow Jones Indices for its S&P/Case-Shiller Home Price Indices ... 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.
“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 bubble burst."
...
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 MSAwhere the level remained flat.
![Case-Shiller House Prices Indices](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg9mPDsYt6rRYXMhXTZXAQx3b5vRrDxBUK1ft7itZjsoeQmKnB8Ame5uKMB-So-bYrzIb7FNmwwt1c4vLR3Fv_hHS2p2mRUF62IX8Cczxu1J5PnlbMEUxn1G4hlhIrjLse5Oimz1Q/s320/CSJan2013.jpg)
The first graph shows the nominal seasonally adjusted Composite 10 and Composite 20 indices (the Composite 20 was started in January 2000).
The Composite 10 index is off 29.3% from the peak, and up 1.0% in January (SA). The Composite 10 is up 7.3% from the post bubble low set in Feb 2012 (SA).
The Composite 20 index is off 28.4% from the peak, and up 1.0% (SA) in January. The Composite 20 is up 8.1% from the post-bubble low set in Jan 2012 (SA).
![Case-Shiller House Prices Indices](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjebfSzO7PkkbPg6WalmeTbPNynCSZSbmR9EsBQ7jZY-OnDthFL5L0mhb1ipVHkMwogploUu9YewvMFOqA7vhRFiHeO15Nv97QICJ8rw76SXVC57OuWc0qnuDeZAADgpqwYUCDcKQ/s320/CSYoYJan2013.jpg)
The Composite 10 SA is up 7.3% compared to January 2012.
The Composite 20 SA is up 8.1% compared to January 2012. This was the eight consecutive month with a year-over-year gain since 2010 (when the tax credit boosted prices temporarily). This was the largest year-over-year gain for the Composite 20 index since 2006.
Prices increased (SA) in 20 of the 20 Case-Shiller cities in January seasonally adjusted (prices increased in 9 of 20 cities NSA). Prices in Las Vegas are off 55.9% from the peak, and prices in Denver only off 2.0% from the peak.
This was close to the consensus forecast for a 8.2% YoY increase. I'll have more on prices later.