Monthly Drop Off But Still Positive - Annual Appreciations Still #1 - 8.2%!!

Cromford Daily Observation - We have posted the latest Case-Shiller® numbers to our long term chart shown below:

The latest series relates to sales between January and March 2020. For most of the 20 metropolitan areas prices accelerated compared with the previous month.

Comparing with the previous month's series we see the following changes:

1. Seattle +2.54%
2. San Francisco +1.78%
3. San Diego +1.56%
4. Boston +1.53%
5. Chicago +1.46%
6. Cleveland +1.40%
7. Tampa +1.32%
8. Denver +1.30%
9. Minneapolis +1.26%
10. Charlotte +1.23%
11. Washington +1.19%
12. Los Angeles +1.15%
13. Phoenix +1.08%
14. Las Vegas +1.02%
15. Atlanta +1.00%
16. Portland +0.71%
17. Miami +0.67%
18. Dallas +0.56%
19. New York +0.20%
20. Detroit - data not available

The national average was +0.84% so Phoenix increased at higher than the national average, despite slipping from 5th to 13th place compared with last month..

The year over year comparisons are below:

1. Phoenix 8.2%
2. Seattle 6.9%
3. Tampa 5.8%
4. Charlotte 5.8%
5. Minneapolis 5.3%
6. San Diego 5.2%
7. Cleveland 5.0%
8. Portland 4.9%
9. Atlanta 4.9%
10. Boston 4.8%
11. Los Angeles 4.4%
12. Las Vegas 4.4%
13. Washington 3.9%
14. Denver 3.7%
15. San Francisco 3.5%
16. Miami 3.4%
17. Dallas 2.8%
18. New York 2.1%
19. Chicago 1.6%
20. Detroit - data not available

The national average was 4.35 %. Phoenix remained in the top spot and now has a gap of 1.3% over the number 2 city - Seattle.

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MikeB Commentary: The benefit of the above is, of course, the national context and perspective. 

I always have to bring up that this data is a 3 month look back. So it's not reflecting the pandemic. Looking forward, my guess is we'll see month-over-month spikes, as the popularity of 'less dense' Phoenix is rising.

Also, interesting how closely we track with Seattle long term, albeit our market is much more affordable. I happen to be one of those who've traded 320 days of overcast for 320 days of sun...and haven't looked back:)

Ps. Just what Is the S&P CoreLogic Case-Shiller National Home Price Index you ask?

The S&P CoreLogic Case-Shiller National Home Price Index measures the change in the value of the U.S. residential housing market by tracking the purchase price and resale value of single-family homes that have undergone a minimum of two arm's-length transactions. The index, widely viewed as a barometer of the U.S. housing market and broader economy, is named after two of its creators: Karl Case and Robert Shiller.