The monthly S&P/Case-Shiller home price numbers for June were published earlier this week and showed a continued surge in home prices. As shown below, 12 of 20 cities tracked saw month-over-month gains of more than 2%, while Phoenix, Las Vegas, Tampa, and Dallas saw MoM gains of 3%+. New York was the only city that failed to see a MoM gain of more than 1%.
On an annual basis, the composite indices were up ~19%, while Phoenix was up the most at +29.3%. San Diego ranked 2nd at +27.05% followed by Seattle in third at +25.03%.
We’ve been waiting to see how long it would take for all of the cities tracked by S&P/Case-Shiller to eclipse the highs in home prices that were made during the housing bubble of the mid-2000s. While many cities like Denver and Dallas passed their prior all-time highs as long ago as 2013, some cities like New York, Miami, Las Vegas, and DC didn’t make new all-time highs until recently after the pandemic hit.
Below is a look at where home prices currently stand relative to their prior housing bubble highs. Every single city except one — Chicago — has now eclipsed its mid-2000s highs. Las Vegas was the most recent to make a new all-time high in June. Prices in Vegas are now 2% above where they were at their peaks in late 2006. And in 2006, prices had gotten pretty ridiculous in Vegas!
While Chicago is the only city tracked by S&P/Case-Shiller where prices are still in the red versus prior highs, they’re now only 1% away from a new high, and we’ll probably see that new high when the next Case-Shiller report is released later this month.
Below are S&P/Case-Shiller home price index charts for all of the cities tracked along with the three composite indices. Chicago is the only city not currently trading at an all-time high.
Finally, the chart below shows how much home prices have risen since COVID hit. Most cities have seen home prices rise between 19-23%, but Phoenix, San Diego, and Seattle have been standouts with gains of more than 30%. On the lower end of the spectrum, New York and Chicago have seen the smallest gains at 17%. Click here to view Bespoke’s premium membership options.
S&P/Case-Shiller sources: FRED website or here at S&P Global.