by Calculated Risk on 6/25/2013 09:16:00 AM
Tuesday, June 25, 2013
Case-Shiller: Comp 20 House Prices increased 12.1% year-over-year in April
S&P/Case-Shiller released the monthly Home Price Indices for April ("April" is a 3 month average of February, March and April prices).
This release includes prices for 20 individual cities, 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 Set Record Monthly Rise in April 2013 According to the S&P/Case-Shiller Home Price Indices
Data through April 2013, released today by S&P Dow Jones Indices for its S&P/Case-Shiller1 Home Price Indices ... showed average home prices increased 11.6% and 12.1% for the 10- and 20-City Composites in the 12 months ending in April 2013. From March to April, the 10- and 20-City Composites rose 2.6% and 2.5%.
All 20 cities and both Composites showed positive year-over-year returns for at least the fourth consecutive month. Atlanta, Dallas, Detroit and Minneapolis posted their highest annual gains since the start of their respective indices. On a monthly basis, all cities with the exception of Detroit posted positive change.
“The 10- and 20-City Composites posted their highest monthly gains in the history of S&P/Case-Shiller Home Price Indices,” says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. “Thirteen cities posted monthly increases of over two percentage points, with San Francisco leading at 4.9%."
For the month of April, 19 of the 20 cities showed positive returns; Detroit was the only MSA to remain flat. Compared to March 2013, thirteen cities showed improvement with Minneapolis showing the largest change with a gain of 2.9% compared to its March return of -1.1%. California is seeing impressive returns all around with gains ranging from 3.4% to 4.9%. Los Angeles, San Diego and San Francisco posted their highest gains since 2004, 1988 and 1987, respectively. Looking at the east coast, Miami showed its largest return, 2.4%, in seven and a half years.
![Case-Shiller House Prices Indices](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjKDWAWDuiH_HnGYKoahK9zSxNgcC1j7qhgoSihS38qgNBnvoqTK1uCBR276kBTYdNlUzXL0igoQuuzNf1BbDXZqcSUKrSKKjj7M-AVCgDbHjJ2Ubc5u4_AnAAzSLXtUU4Gv5r5yw/s320/CSApril2013.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 25.6% from the peak, and up 1.7% in April (SA). The Composite 10 is up 12.8% from the post bubble low set in Jan 2012 (SA).
The Composite 20 index is off 24.8% from the peak, and up 1.7% (SA) in April. The Composite 20 is up 13.5% from the post-bubble low set in Jan 2012 (SA).
![Case-Shiller House Prices Indices](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgdoySGf4HY7MYwaJbaHxgYRj6BRaycm7quiJlbK3BXW0trP0ABgb6OzVJFd54IbXVwa6DqtKKeU_g6cG0MWQ-2EqgtWR1WBhh3hviLg9fqo0ao1J5siThR4tng55F65lfKKZd6sQ/s320/CSYoYApr2013.jpg)
The Composite 10 SA is up 11.6% compared to April 2012.
The Composite 20 SA is up 12.1% compared to April 2012. This was the eleventh consecutive month with a year-over-year gain and 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 April seasonally adjusted. Prices in Las Vegas are off 52.6% from the peak, and prices in Denver and Dallas are at new highs.
This was above the consensus forecast for a 10.9% YoY increase. I'll have more on prices later.