Home Prices Advance in Third Quarter
Home Prices Moving Up
Today, the S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, showed that the U.S. National Home Price Index rose 3.2% in the third quarter of 2013 and 11.2% over the last four quarters.
“The second and third quarters of 2013 were very good for home prices,” says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. “The National Index is up 11.2% year-over-year, the strongest figure since the boom peaked in 2006. The 10-City and 20-City Composites year-over-year growth at 13.3% was their highest annual numbers since February 2006.
“Twelve cities posted double-digit annual returns. Regionally, the West continues to lead with Las Vegas gaining 29.1% year-over-year followed by San Francisco at 25.7%, Los Angeles at 21.8% and San Diego at 20.9%. San Francisco and Los Angeles showed their highest annual returns since March 2001 and December 2005. Although Chicago has not reached double-digit growth, the city recorded its highest year-over-year gain since November 2005.
Nineteen cities decelerated month-over-month from August to September. Las Vegas and Tampa showed the most weakness with their rates declining by 1.6 percentage points. Las Vegas went from a +2.9% monthly return in August to +1.3% in September while Tampa decreased from +1.8% to +0.2%. Charlotte was the only city to post a negative monthly return for September, its first since November 2012. Detroit managed to take the lead with a monthly increase of 1.5%, but still remains the only city below its January 2000 level.
The table below summarizes the results for September 2013. The S&P/Case-Shiller Home Price Indices are revised for the 24 prior months, based on the receipt of additional source data.
| 2013 Q3 | 2013 Q3/2013 Q2 | 2013 Q2/2013 Q1 | ||
| Level | Change (%) | Change (%) | 1-Year Change (%) | |
| U.S. National Index | 150.92 | 3.2% | 7.1% | 11.2% |
| September 2013 | September/August | August/July | ||
| Metropolitan Area | Level | Change (%) | Change (%) | 1-Year Change (%) |
| Atlanta | 113.99 | 0.5% | 1.7% | 18.7% |
| Boston | 169.04 | 0.5% | 0.7% | 7.5% |
| Charlotte | 124.85 | -0.2% | 1.0% | 7.8% |
| Chicago | 128.05 | 0.3% | 1.6% | 9.7% |
| Cleveland | 107.23 | 0.3% | 0.5% | 5.0% |
| Dallas | 132.55 | 0.2% | 0.6% | 9.0% |
| Denver | 147.30 | 0.2% | 0.9% | 9.9% |
| Detroit | 93.86 | 1.5% | 2.0% | 17.2% |
| Las Vegas | 125.74 | 1.3% | 2.9% | 29.1% |
| Los Angeles | 212.83 | 1.1% | 2.0% | 21.8% |
| Miami | 171.70 | 0.8% | 0.8% | 14.3% |
| Minneapolis | 138.40 | 0.8% | 1.8% | 10.1% |
| New York | 173.45 | 0.6% | 1.1% | 4.3% |
| Phoenix | 143.14 | 1.2% | 1.5% | 18.6% |
| Portland | 160.18 | 0.7% | 1.2% | 13.5% |
| San Diego | 193.51 | 0.9% | 1.8% | 20.9% |
| San Francisco | 179.91 | 0.8% | 0.9% | 25.7% |
| Seattle | 160.87 | 0.3% | 0.5% | 13.2% |
| Tampa | 154.24 | 0.2% | 1.8% | 14.5% |
| Washington | 205.25 | 0.4% | 0.7% | 7.0% |
| Composite-10 | 180.03 | 0.7% | 1.3% | 13.3% |
| Composite-20 | 165.66 | 0.7% | 1.3% | 13.3% |
| Source: S&P Dow Jones Indices and CoreLogic | ||||
| Data through September 2013 | ||||
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