The June readings for S&P/Case Shiller home price indices were published this morning, and below is a table highlighting the month-over-month and year-over-year changes for each of the twenty cities tracked. As shown, home prices increased the most month-over-month and year-over-year in Portland and Seattle. The upper mid-west also saw nice gains in June, with Detroit, Cleveland, Chicago and Minneapolis all gaining more than 1%. New York was in the upper half of the list for month-over-month, but it continues to be one of the weakest cities when looking at year-over-year gains. Interestingly, San Francisco and San Diego saw the smallest month-over-month gains, and San Francisco is no longer at the top of the list in terms of year-over-year gains.
Below is a chart showing how much each city is up off of its low point during the housing crash. San Francisco has nearly doubled at this point with a gain of 94%, while the next biggest jumps are 68% for Las Vegas and 67% for Detroit. New York and Cleveland have seen the smallest bounces at just 16% and 19%, respectively. For the country as a whole, home prices are up roughly 40% off their lows.
Below we show how far home prices are from their mid-2000s bubble highs (mid-2005 for most cities). We’re now more than 10 years removed from the peak of the housing bubble, and as shown below, seven of twenty cities tracked have now made new all-time highs. Denver and Dallas are by far the farthest above their prior highs at more than 30%. Portland is 10% above its prior bubble highs, while Charlotte, Boston, San Francisco and Seattle are all 4-5% above their prior highs.
While seven of twenty cities have recovered all of their post-bubble losses and then some, thirteen cities still have a ways to go to get back to their prior highs. Las Vegas is down the most from its highs at -36%, followed by Phoenix (-29%), Miami (-24%), Tampa (-23%), and Chicago (-19%). New York and Detroit are still 15% below their mid-2000s highs.
Below are price charts going as far back as 1989 for the twenty S&P/Case-Shiller home price indices. Cities that have eclipsed their prior bubble highs are shaded in light green.