Apr 29 2016 Market Update

Apr 29 2016 Market Update

The latest S&P/Case-Shiller® Home Price Index® numbers came out this morning, covering sales that closed between December 2015 and February 2016. The national number showed a very modest change month to month of 0.20% and a more substantial year over year change of 5.29%. The gains overall in the last several months have been very slight , only 0.27% in total over a period of 6 months. This unimpressive advance, however, was still higher than the change in the Consumer Price Index between the same period (August to February), which declined 0.5%. During the 6 months before that, the HPI jumped by 5.0% while the CPI increased by 1.5%.

Over the past year the 20 metro areas reported by Case-Shiller rank as follows:

  1. Portland 11.9%

  2. Seattle 11.0%

  3. Denver 9.7%

  4. San Francisco 9.3%

  5. Dallas 9.0%

  6. Tampa 7.8%

  7. Los Angeles 6.8%

  8. Detroit 6.5%

  9. Las Vegas 6.4%

  10. San Diego 6.4%

  11. Miami 6.2%

  12. Atlanta 6.1%

  13. Phoenix 6.0%

  14. Charlotte 4.2%

  15. Minneapolis 4.0%

  16. Boston 3.7%

  17. Cleveland 3.6%

  18. New York 2.1%

  19. Chicago 1.8%

  20. Washington DC 1.4%

The west coast continues to appreciate the fastest, with Denver also very strong. Phoenix is in the middle of this pack of 20, but beat the overall average for the USA.

When we look at the month to month change we see:

  1. San Francisco 1.06%

  2. Seattle 1.06%

  3. Denver 0.94%

  4. Portland 0.75%

  5. Los Angeles 0.70%

  6. Tampa 0.59%

  7. Dallas 0.52%

  8. Atlanta 0.37%

  9. Charlotte 0.35%

  10. Phoenix 0.27%

  11. Las Vegas 0.21%

  12. Detroit 0.10%

  13. Miami 0.08%

  14. San Diego 0.06%

  15. Boston -0.08%

  16. Washington DC -0.20%

  17. Chicago -0.31%

  18. Minneapolis -0.44%

  19. New York -0.47%

  20. Cleveland -0.60%

Here the strength of the west coast is even more obvious compared to the declines of the east coast and upper mid west. Phoenix is right in the middle of the pack once again.

You can see both the long term and short trends in all 20 of the major metro areas here:

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Dated: April 29th 2016
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