home price figures were released yesterday, so below is our firm's
monthly update of the most recent data. The S&P/Case-Shiller
home price indices track changes in median home prices for 20
cities around the country. The indices were started at a base level
of 100 in January 2000; below is a chart showing current levels for
the 20 cities and the two composite indices.
As shown, Los Angeles currently has the highest reading at 206,
followed closely by Washington, DC. San Diego, San Francisco, and
New York round out the top five. Detroit -- at a level of just 91
-- is the only city where prices are lower now than they were in
2000. Cleveland is close, though, at 106.
Below is a table showing the month-over-month and year-over-year
changes in home prices for the twenty cities tracked. It is worth
noting that every single city and the two composite indices were up
from June 2013 to July 2013 and from July 2012 to July 2013. As
shown, Chicago gained the most month-over-month at +3.24%, followed
by Las Vegas (+2.81%) and Detroit (+2.69%). Charlotte and Cleveland
showed the smallest month-over-month gains.
Las Vegas is up the most year-over-year at +27.50%, followed by San
Francisco (+24.81%), Los Angeles (+20.80%), and San Diego
(+20.35%). The West Coast has definitely seen the biggest gains
recently. New York, on the other hand, is up the least
year-over-year at just 3.52%.
Below is a chart showing how far each city is from its all-time
high (reached in the mid-2000s). As shown, the two composite
indices are still just over 20% away from their prior highs, so
they have quite a way to go. Las Vegas, which has seen the biggest
gain over the last year, is still nearly 50% from its all-time
high! Dallas and Denver, though, have already gained back all of
their housing bust losses to trade at new highs this month.
to see home price charts for the 20 cities tracked by
S&P/Case-Shiller and the two composite indices. Keep in mind
that each city began at a level of 100 in January 2000. The new
highs for Denver and Dallas stand out, and the huge declines for
West Coast cities stand out as well. Even though they have bounced
back a lot, they are still well below their bubble highs. It looks
like Boston and Charlotte will be the next cities to test their
all-time highs if the recovery continues.
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