National Real Estate Update by City

The S&P/Case-Shiller® Home Price Index® report for September through November was published today and we can therefore rank the 20 cities by the change in index over the last month:

1. Tampa +0.84%
2. Miami +0.59%
3. Las Vegas +0.35%
4. San Diego +0.29%
5. Los Angeles +0.28%
6. Phoenix +0.16%
7. Atlanta +0.15%
8. Dallas +0.11%
9. Denver +0.09%
10. San Francisco +0.08%
11. Portland +0.06%
12. Boston -0.22%
13. Charlotte -0.30%
14. Cleveland -0.35%
15. Seattle -0.38%
16. Washington DC -0.51%
17. Minneapolis -0.73%
18. New York -0.79%
19. Detroit -0.87%
20. Chicago -1.06%

Although 11 of the cities saw an increase over the last month the composite 20-city index fell 0.22%. Although we only saw a small 0.16% gain, this was enough to put Phoenix into 6th place

Examining the 12-month percentage changes we find:

1. San Francisco +8.91%
2. Miami +8.58%
3. Las Vegas +7.70%
4. Dallas +7.67%
5. Denver +7.48%
6. Tampa +6.77%
7. Portland +6.58%
8. Seattle +6.01%
9. Los Angeles +5.11%
10. Atlanta +4.92%
11. San Diego +4.90%
12. Boston +3.95%
13. Charlotte +3.29%
14. Detroit +2.58%
15. Chicago +1.99%
16. Phoenix +1.94%
17. Washington DC +1.85%
18. New York +1.51%
19. Minneapolis +1.47%
20. Cleveland +0.61%

For annual appreciation Phoenix is well below the 20-city average of +4.31% in 16th place. We saw our appreciation rate slow down earlier than other cities, just as we saw our initial recovery start earlier than the rest of the country in 2011.

The whole country now looks to be in the process of stabilizing at close to the general inflation rate. We don't expect to see any major shifts over the next 12 months.