Phoenix is at Top of The S&P/Case-Shiller Home Price Numbers
The S&P/Case-Shiller® Home Price Index® numbers have been released for the latest sales period (August through October).This home price indices are the leading measures of U.S. residential real estate prices, tracking changes in the value of residential real estate both nationally as well as in 20 metropolitan regions. The 20 focus cities fared as follows on a month to basis:
Phoenix +0.70%
New York +0.41%
Las Vegas +0.33%
Charlotte +0.30%
Tampa +0.27%
Atlanta +0.16%
Miami +0.14%
Boston +0.13%
Los Angeles +0.11%
Washington +0.02%
Dallas +0.01%
Detroit -0.02%
San Diego -0.12%
Minneapolis -0.13%
Denver -0.28%
Chicago -0.35%
Cleveland -0.52%
Portland -0.55%
San Francisco -0.71%
Seattle -1.05%
Once again Phoenix is at the top of the table having opened up a gap ahead of number 2 New York. We see almost half of the focus cities with negative changes, but this is partly due to seasonality and the national average was +0.10%. Phoenix was seven times the national average and is over-performing again. As a result, it even made a mention in the Case-Shiller press release. Seattle took another large hit for a single month while San Francisco and Portland are slowing after very strong gains over the past 4 years. For the year over year numbers we see:
Las Vegas +12.8%
San Francisco +7.9%
Phoenix +7.7%
Seattle +7.3%
Denver +6.9%
Tampa +6.4%
Detroit +6.0%
Atlanta +6.0%
Minneapolis +5.9%
Los Angeles +5.5%
Boston +5.4%
Charlotte +5.0%
Portland +4.9%
Cleveland +4.8%
Miami +4.8%
Dallas +3.9%
San Diego +3.8%
Chicago +3.3%
New York +3.1%
Washington +2.9%
The national average was +5.5% so Phoenix was well ahead of that, and it moved up to 3rd place from 5th place last month. None of the focus cities is showing a negative move year over year.
