Seattle, Las Vegas and San Francisco are leading the gains in national home prices according to a leading index
Seattle, Las Vegas and San Francisco are leading the gains in national home prices according to a leading index.
The latest S&P CoreLogic Case Shiller National Home Price Index for November 2017 shows a 6.2% gain year-over-year, up from 6.1% in the previous month.
The 10-city composite index was up 6.1% (5.9% in October) while the 20-city composite was up 6.4% (6.3% in October).
"Home prices continue to rise three times faster than the rate of inflation," 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 year-over-year increases have been 5% or more for 16 months; the 20-City index has climbed at this pace for 28 months.”
Mr Blitzer added that with slow population and income growth since the financial crisis, these price rises are due to supply issues rather than simple demand or rising construction costs.
Where the gains are
In November, Seattle led the way with a 12.7% year-over-year price increase, followed by Las Vegas (10.6%) and San Francisco (9.1%).
But across the 20-city index, those that saw the fastest price increases pre-crisis are among those that are showing large gains now. They include San Diego, Los Angeles, Las Vegas and Miami.
"They have been joined by three cities where prices were above average during the financial crisis and continue to rise rapidly – Dallas, Portland OR, and Seattle," added Blitzer.
The table below summarizes the results for November 2017. The S&P CoreLogic Case-Shiller Indices are revised for the prior 24 months, based on the receipt of additional source data.
The latest S&P CoreLogic Case Shiller National Home Price Index for November 2017 shows a 6.2% gain year-over-year, up from 6.1% in the previous month.
The 10-city composite index was up 6.1% (5.9% in October) while the 20-city composite was up 6.4% (6.3% in October).
"Home prices continue to rise three times faster than the rate of inflation," 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 year-over-year increases have been 5% or more for 16 months; the 20-City index has climbed at this pace for 28 months.”
Mr Blitzer added that with slow population and income growth since the financial crisis, these price rises are due to supply issues rather than simple demand or rising construction costs.
Where the gains are
In November, Seattle led the way with a 12.7% year-over-year price increase, followed by Las Vegas (10.6%) and San Francisco (9.1%).
But across the 20-city index, those that saw the fastest price increases pre-crisis are among those that are showing large gains now. They include San Diego, Los Angeles, Las Vegas and Miami.
"They have been joined by three cities where prices were above average during the financial crisis and continue to rise rapidly – Dallas, Portland OR, and Seattle," added Blitzer.
The table below summarizes the results for November 2017. The S&P CoreLogic Case-Shiller Indices are revised for the prior 24 months, based on the receipt of additional source data.
| November 2017 | Nov/Oct | Oct/Sep | 1-Year | |
| Metropolitan Area | Level | Change (%) | Change (%) | Change (%) |
| Atlanta | 140.13 | 0.0% | -0.1% | 5.2% |
| Boston | 205.25 | -0.1% | -0.3% | 6.3% |
| Charlotte | 151.05 | -0.3% | 0.5% | 5.8% |
| Chicago | 139.50 | -0.4% | -0.7% | 3.6% |
| Cleveland | 117.74 | -0.4% | -0.1% | 4.1% |
| Dallas | 180.61 | 0.1% | 0.4% | 7.0% |
| Denver | 202.86 | 0.4% | 0.1% | 7.0% |
| Detroit | 117.55 | -0.3% | 0.2% | 7.0% |
| Las Vegas | 169.59 | 0.7% | 0.9% | 10.6% |
| Los Angeles | 270.16 | 0.7% | 0.2% | 7.0% |
| Miami | 228.17 | 0.2% | -0.1% | 4.1% |
| Minneapolis | 163.58 | -0.1% | -0.1% | 5.4% |
| New York | 195.78 | 0.2% | 0.4% | 5.7% |
| Phoenix | 173.46 | -0.1% | 0.3% | 5.6% |
| Portland | 222.95 | 0.0% | -0.3% | 6.9% |
| San Diego | 245.82 | -0.3% | 0.0% | 7.4% |
| San Francisco | 251.13 | 1.4% | 1.1% | 9.1% |
| Seattle | 231.18 | 0.2% | -0.1% | 12.7% |
| Tampa | 202.45 | 1.0% | 0.6% | 7.1% |
| Washington | 221.97 | 0.2% | 0.0% | 3.3% |
| Composite-10 | 218.21 | 0.3% | 0.2% | 6.1% |
| Composite-20 | 204.21 | 0.2% | 0.2% | 6.4% |
| U.S. National | 195.94 | 0.2% | 0.1% | 6.2% |
| Sources: S&P Dow Jones Indices and CoreLogic | ||||
| Data through November 2017 | ||||
