Below is an updated look at home price changes across the 20 cities tracked by S&P/CoreLogic’s Case Shiller indices. Detroit, Minneapolis, and Boston were the hottest areas for home prices on a month-over-month basis in June. All three areas saw prices increase by more than 1% MoM. The only area that saw MoM home price declines was New York at -0.33%.
On a year-over-year basis, the 10-city composite index was up just 1.82%, while the National index was up 3.13%. Seattle is the one area that is down year-over-year at -1.32%. Phoenix and Las Vegas are up the most YoY at 5%+.
Below is a look at where home prices in each city stand versus their peak prices during the housing bubble of the mid-2000s. At this point, roughly two-thirds of cities have managed to take out their prior housing bubble highs. The only cities where prices are still below their prior highs are Las Vegas, Phoenix, Miami, Chicago, Tampa, New York, and DC. Detroit is the most recent city to take out its prior highs.
Denver and Dallas are both up the most above their prior highs at 50%+.
Below we show where home prices currently stand versus their housing crash lows. The composite indices are up 57-62% from their financial crisis lows, while San Francisco, Las Vegas, and Detroit are all up triple digit percentages. New York is up the least at just 27%.
Below are charts of home prices for each city going back to 1989 (Dallas only goes back to 2000). Charts highlighted in green highlight cities where home prices have taken out their prior bubble highs. Start a two-week free trial to Bespoke Premium for more in-depth equity market and economic research.