The most recent numbers from S&P/Case-Shiller came out this morning and showed increased home prices on a month-over-month and year-over-year basis for every city tracked.
Below is a table highlighting each city’s change in home prices for March (the data is released on a two-month lag). As shown, Seattle — home to Amazon.com — continues to see the biggest gains, with a month-over-month gain of 2.84% and a year-over-year gain of 13%. San Francisco was also up 2%+ in March, while another ten cities were up more than 1%. New York was up the least month-over-month at just 0.08%, which was even weaker than Cleveland’s +0.35% gain.
Year-over-year, Seattle, San Francisco, and Las Vegas were the three cities up 10%+, while DC and Chicago were up the least at 3.04% and 2.84%, respectively.
Below we show where home prices currently stand versus their high points during the housing bubble of the mid-2000s. Ten cities are currently above their prior bubble highs — meaning they’ve recently hit new all-time highs — while ten cities are still below.
We can also see how much home prices are up off of their lows following the housing bubble burst in each city. As shown, the national and composite 10 and 20 city indices are all up roughly 50% from their lows, while San Francisco is up the most at 118%. While Vegas is still the furthest below its housing-bubble highs at -25%, it’s up the 2nd most off of its lows at +93%. This is a reminder as to how crazy things got for Vegas home prices back in the mid-2000s.
We noted earlier that New York and Cleveland showed the smallest month-over-month gains this month, and these two cities are also up the least from their lows (just 25%) following the housing crash. DC, Chicago, Charlotte, and Boston are the other cities that are up less than the national indices.
Finally, below are charts of the S&P/Case Shiller home price indices for each city tracked. Cities highlighted in green are currently at new all-time highs.