Case Shiller Home Price Index Jumps in February; 20-City Index At Record High

By Mark Lieberman

Managing Director and Senior Economist

Highlights:

  • Case Shiller CoreLogic national Home Price Index IMPROVED in February for the 25th straight month, increasing 0.4 percent to 197.01;
  • The 10- and 20-city indices each GREW for the 16th straight month with the largest month-month gains since last summer
  • The 10-city index was up 1.57 points to 220.71, largest gain since July; the 20-city index grew 1.51 points to 206.67, the strongest increase since last May;
  • Index ROSE in all 20 cities surveyed in February;
  • Year-year prices were UP in all 20 cities but the year-year increase slowed in six cities.

Trends:

  • The 20-city index climbed past its previous peak (206.52 in July 2006)
  • The National Index set a record high for the 15th straight month;
  • 10-city index is 2.5 percent below its record high, 226.29 (June 2006)

Data Source: S&P Case Schiller/Core Logic

Image result for home values

Home values, measured by the Case Shiller Core Logic Home Price Index rose in February despite the new tax law which capped some of the tax advantages to homeownership.

Indeed, the increase may have been the result more of tight home sale inventories than of buyers considering what the tax law would do to home values. But the higher values could also reflect transactions (contracts) agreed to in December, before the tax law, which didn’t close until February.

Values rose in February in all four Census regions, increasing 1.1 percent in the West, 0.6 percent in the Northeast and 0.5 percent in each of the Midwest and South.

According to the National Association of Realtors, the median price of an existing single-family home rose a scant $100 in February to $240,900 with increases in the South and West offsetting declines in the North and Midwest.

Prices nationally rose sharply in March according to the NAR which could mean another jump in the Case-Shiller Index.

According to Case-Schiller, prices rose more than 1.0 percent from January to February in seven cities: Seattle (1.7 percent), Denver (1.2 percent), San Diego and Detroit (1.1 percent) and Las Vegas, Los Angeles and San Francisco (1.0 percent).

February values were up more than 10 percent year-year in three cities Seattle (12.7 percent), Las Vegas (11.6 percent) and San Francisco (10.6 percent)

Hear Mark Lieberman this Friday on P.O.T.U.S. radio’s Morning Briefing, Sirius-XM 124, at 6:20 am Eastern Time. You can follow Mark Lieberman on Twitter at @foxeconomics.

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