The S&P/Case-Shiller® Home Price Index® numbers have been released for the latest sales period (August through October) and the 20 focus cities fared as follows on a month to month 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 has 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.
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Chris Tiller Commentary: The cautionary note with the Case-Shiller® Home Price Index® is that it is reporting data that's several months old (August - October).
What we're seeing currently in the Valley and Statewide generally are modest price gains; shorter market times and relative supply / demand balance.
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