The S&P Dow Jones Indices released the latest results of the S&P CoreLogic Case-Shiller Indices, through January 2020, revealing that the U.S. National Home Price NSA Index, covering all nine U.S. census Divisions, reported a 3.9 percent annual gain in January, up from 3.7 percent in the previous month.
The 10-City Composite annual increase stood at 2.6 percent, up from 2.3 percent the previous month. The 20-City Composite posted a 3.1 percent year-over-year gain, up from 2.8 percent in the previous month.
Phoenix, Seattle and Tampa reported the highest year-over-year gains among the 20 cities, with year-over-year price increases of 6.9 percent, 5.1 percent and 5.1 percent, respectively. Fourteen of the 20 cities reported higher price increases for the year ending January 2020 versus the year ending December 2019.
Note that the COVID-19 pandemic did not begin to hit the nation until late February, and its impact on housing prices is not reflected in this data.
Month-over-month, the National Index and 20-City Composite were flat, while the 10-City Composite posted a 0.1 percent decrease before seasonal adjustment in January. After seasonal adjustment, the National Index posted a gain of 0.5 percent, while the 10-City and 20-City Composites both recorded 0.3 percent increases in January. Ten of 20 cities reported increases before seasonal adjustment while 18 of 20 cities reported increases after seasonal adjustment.
"The trend of stable growth established in 2019 continued into the first month of the new year,” said Craig J. Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices. “The National Composite Index rose by 3.9 percent in January 2020, and the 10- and 20-City Composites also advanced (by 2.6 percent and 3.1 percent, respectively). Results for the month were broad-based, with gains in every city in our 20-City Composite; 14 of the 20 cities saw accelerating prices. As has been the case since mid-2019, after a long period of decelerating price increases, the National, 10-City, and 20-City Composites all rose at a faster rate in January than they had done in December."