Tag Archives: Chappaqua NY Homes for Sale

Chappaqua NY Homes for Sale

NAR reports home prices up 8.6% | Chappaqua Real Estate

An overwhelming majority of metro markets saw home price gains in the third quarter of 2022 despite mortgage rates that approached 7% and declining sales, according to the National Association of Realtors’ latest quarterly report released on Nov. 10. Forty-six percent of the 185 tracked metro areas registered double-digit price increases, down from 80% in the second quarter of this year.

The national median single-family existing-home price climbed 8.6% from a year ago to $398,500. Year-over-year price appreciation decelerated when compared to the previous quarter’s 14.2%.

“Much lower buying capacity has slowed home price growth and the trend will continue until mortgage rates stop rising,” said NAR Chief Economist Lawrence Yun. “The median income needed to buy a typical home has risen to $88,300—that’s almost $40,000 more than it was prior to the start of the pandemic, back in 2019.”

Among the major U.S. regions, the South registered the largest share of single-family existing-home sales (44%) and the greatest year-over-year price appreciation (11.9%) in the third quarter. Prices elevated 8.2% in the Northeast, 7.4% in the West, and 6.6% in the Midwest.

The top 10 metro areas with the largest year-over-year price increases all recorded gains greater than 18%, with seven of those markets in Florida. Those include North Port-Sarasota-Bradenton, FL (23.8%); Lakeland-Winter Haven, FL (21.2%); Myrtle Beach-Conway-North Myrtle Beach, SC-NC (21.1%); Panama City, FL (20.5%); Deltona-Daytona Beach-Ormond Beach, FL (19.6%); Port St. Lucie, FL (19.4%); Greenville-Anderson-Mauldin, SC (18.9%); Kingsport-Bristol-Bristol, TN.-VA(18.8%); Tampa-St. Petersburg-Clearwater, FL (18.8%); and Ocala, FL (18.8%).

Half of the top 10 most expensive markets in the U.S. were in California, including San Jose-Sunnyvale-Santa Clara, CA ($1,688,000; 2.3%); San Francisco-Oakland-Hayward, CA ($1,300,000; -3.7%); Anaheim-Santa Ana-Irvine, CA ($1,200,000; 9.1%); Urban Honolulu, HI ($1,127,400; 7.6%); San Diego-Carlsbad, CA ($900,000; 5.9%); Los Angeles-Long Beach-Glendale, CA ($893,200; 3.8%); Boulder, CO ($826,900; 7.5%); Naples-Immokalee-Marco Island, FL ($746,600; 16.7%); Seattle-Tacoma-Bellevue, WA ($741,300; 4.6%); and Boston-Cambridge-Newton, MA-NH($698,900; 6.2%).

“The more expensive markets on the West Coast will likely experience some price declines following this rapid price appreciation, which is the result of many years of limited home building,” Yun added. “The Midwest, with relatively affordable home prices, will likely continue to see price gains as incomes and rents both rise.”

In the third quarter of 2022, stubbornly high home prices and increasing mortgage rates reduced housing affordability. The monthly mortgage payment on a typical existing single-family home with a 20% down payment was $1,840. This represents a marginal increase from the second quarter of this year ($1,837), but a significant jump of $614—or 50%—from one year ago. Families typically spent 25% of their income on mortgage payments, down from 25.3% in the prior quarter, but up from 17.2% one year ago.

“A return to a normal spread between the government borrowing rate and the home purchase borrowing rate will bring the 30-year mortgage rates down to around 6%,” Yun said. “The usual spread between the 10-year Treasury yield and the 30-year mortgage rate is between 150 to 200 basis points, rather than the current spread of 300 basis points.”

First-time buyers looking to purchase a typical home during the third quarter of 2022 continued to feel the impact of housing’s growing unaffordability. For a typical starter home valued at $338,700 with a 10% down payment loan, the monthly mortgage payment rose to $1,808 – nearly identical to the previous quarter ($1,807), but an increase of almost $600, or 49%, from one year ago ($1,210). First-time buyers typically spent 37.8% of their family income on mortgage payments, up from 36.8% in the previous quarter. A mortgage is considered unaffordable if the monthly payment (principal and interest) amounts to more than 25% of the family’s income.

A family needed a qualifying income of at least $100,000 to afford a 10% down payment mortgage in 59 markets, up from 53 in the prior quarter. Yet, a family needed a qualifying income of less than $50,000 to afford a home in 17 markets, down from 23 in the previous quarter.

read more…

realestateindepth.com/news/

NAHB builder confidence survey drops into contraction | Chappaqua Real Estate

NAHB chief economist says Fed policy & high construction costs will cause first decline in housing starts since 2011.

KEY TAKEAWAYS

  • For the first time since May 2020, the monthly NAHB/Wells Fargo Housing Index fell below the break-even measure of 50.
  • Roughly one-in-five (19%) home builders in the HMI survey reported reducing prices in the past month to increase sales or limit cancellations,.
  • Meanwhile, 69% of builders reported higher mortgage interest rates as the reason behind falling housing demand.

Builder confidence is sinking like a stone, in part the result of what an economist for the National Association of Home Builders (NAHB) now calls a “housing recession.”

NAHB today released the results of its monthly survey of home builders, which found that builder confidence in the market for newly built single-family homes fell for the eighth straight month in August, amid continuing supply-chain problems, high materials prices, and falling home affordability.

In fact, for the first time since May 2020, the monthly NAHB/Well Fargo Housing Index fell below the break-even measure of 50, declining six points to 49, the NAHB said.

“Tighter monetary policy from the Federal Reserve and persistently elevated construction costs have brought on a housing recession,” said NAHB Chief Economist Robert Dietz. “The total volume of single-family starts will post a decline in 2022, the first such decrease since 2011.”

Dietz noted, however, that “as signs grow that the rate of inflation is near peaking, long-term interest rates have stabilized, which will provide some stability for the demand-side of the market in the coming months.”

The latest report on inflation, released last week, showed that the Consumer Price Index in July was unchanged from June, and had dipped to 8.5% year over year from 9.1% in June.

NAHB Chairman Jerry Konter, a home builder and developer from Savannah, Ga., said the survey shows ongoing increases in construction costs and mortgage rates continue to weaken market sentiment for single-family home builders. “And in a troubling sign that consumers are now sitting on the sidelines due to higher housing costs, the August buyer traffic number in our builder survey was 32, the lowest level since April 2014 with the exception of the spring of 2020, when the pandemic first hit.”

Roughly one-in-five (19%) home builders in the HMI survey reported reducing prices in the past month to increase sales or limit cancellations, the NAHB said. The median price reduction was 5% for those reporting using such incentives. Meanwhile, 69% of builders reported higher mortgage interest rates as the reason behind falling housing demand, the top impact cited in the survey.

All three HMI components posted declines in August, with each falling to their lowest level since May 2020. Current sales conditions dropped seven points to 57; sales expectations in the next six months declined two points to 47; and traffic of prospective buyers fell five points to 32.

Looking at the three-month moving averages for regional HMI scores, the Northeast fell nine points to 56, the Midwest dropped three points to 49, the South fell seven points to 63, and the West posted an 11-point decline to 51.

Derived from a monthly survey that NAHB has conducted for more than 35 years, the HMI gauges builder perceptions of current single-family home sales and sales expectations for the next six months as “good,” “fair” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average” or “low to very low.” Scores for each component are then used to calculate a seasonally adjusted index, for which any number over 50 indicates that more builders view conditions as good than poor.

read more…

gageprofessional.com

Builder confidence falls to two year low | Chappaqua Real Estate

Rising inflation and higher mortgage rates are slowing traffic of prospective home buyers and putting a damper on builder sentiment. In a troubling sign for the housing market, builder confidence in the market for newly built single-family homes posted its sixth straight monthly decline in June, falling two points to 67, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) released today. This marks the lowest HMI reading since June 2020.

“Six consecutive monthly declines for the HMI is a clear sign of a slowing housing market in a high inflation, slow growth economic environment,” said NAHB Chairman Jerry Konter, a builder and developer from Savannah, Ga. “The entry-level market has been particularly affected by declines for housing affordability and builders are adopting a more cautious stance as demand softens with higher mortgage rates. Government officials need to enact policies that will support the supply-side of the housing market as costs continue to climb.”

“The housing market faces both demand-side and supply-side challenges,” said NAHB Chief Economist Robert Dietz. “Residential construction material costs are up 19% year-over-year with cost increases for a variety of building inputs, except for lumber, which has experienced recent declines due to a housing slowdown. On the demand-side of the market, the increase for mortgage rates for the first half of 2022 has priced out a significant number of prospective home buyers, as reflected by the decline for the traffic measure of the HMI.”

Derived from a monthly survey that NAHB has been conducting for more than 35 years, the NAHB/Wells Fargo HMI gauges builder perceptions of current single-family home sales and sales expectations for the next six months as “good,” “fair” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average” or “low to very low.” Scores for each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor.

All three HMI indices posted declines in June. The component charting traffic of prospective buyers fell five points to 48, marking the first time this gauge has fallen below the breakeven level of 50 since June 2020. The HMI index gauging current sales conditions fell one point to 77 and the gauge measuring sales expectations in the next six months fell two points to 61.

Looking at the three-month moving averages for regional HMI scores, the Northeast fell one point to 71, the Midwest dropped six points to 56, the South fell two points to 78 and the West posted a nine-point decline to 74.

HMI tables can be found at nahb.org/hmi. More information on housing statistics is also available at Housing Economics PLUS (formerly housingeconomics.com).

read more…

nahb.org/news/

Mortgage rates average 4.16% | Chappaqua Real Estate

 Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 4.16 percent.

“The 30-year fixed-rate mortgage exceeded four percent for the first time since May of 2019,” said Sam Khater, Freddie Mac’s Chief Economist. “The Federal Reserve raising short-term rates and signaling further increases means mortgage rates should continue to rise over the course of the year. While home purchase demand has moderated, it remains competitive due to low existing inventory, suggesting high house price pressures will continue during the spring homebuying season.”

News Facts

  • 30-year fixed-rate mortgage averaged 4.16 percent with an average 0.8 point for the week ending March 17, 2022, up from last week when it averaged 3.85 percent. A year ago at this time, the 30-year FRM averaged 3.09 percent.
  • 15-year fixed-rate mortgage averaged 3.39 percent with an average 0.8 point, up from last week when it averaged 3.09 percent. A year ago at this time, the 15-year FRM averaged 2.40 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.19 percent with an average 0.2 point, up from last week when it averaged 2.97 percent. A year ago at this time, the 5-year ARM averaged 2.79 percent.

The PMMS® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Mortgage rates average 3.12% | Chappaqua Real Estate

 Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.12 percent.

“Mortgage rates inched up as a result of economic improvement and a shift in monetary policy guidance,” said Sam Khater, Freddie Mac’s Chief Economist. “While house price growth is slowing, prices remain high due to solid housing demand and low supply. We expect rates to continue to increase into 2022 which may leave some potential homebuyers with less room in their budgets on the sideline.”

News Facts

  • 30-year fixed-rate mortgage averaged 3.12 percent with an average 0.6 point for the week ending December 16, 2021, up from last week when it averaged 3.10 percent. A year ago at this time, the 30-year FRM averaged 2.67 percent.
  • 15-year fixed-rate mortgage averaged 2.34 percent with an average 0.7 point, down from last week when it averaged 2.38 percent. A year ago at this time, the 15-year FRM averaged 2.21 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.45 percent with an average 0.3 point, unchanged from last week. A year ago at this time, the 5-year ARM averaged 2.79 percent.

The PMMS® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.

Mortgage rates average 3.09% | Chappaqua Real Estate

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.09 percent. “Mortgage rates continued to rise this week due to the trajectory of both the economy and the pandemic,” said Sam Khater, Freddie Mac’s Chief Economist. “Even as the availability of existing homes is improving, prices remain high due to home buyer demand and limitations on housing starts and permits resulting from the ongoing labor and material shortages. Despite these countervailing forces, we expect the housing market to remain strong as we head into the end of the year.”

News Facts

30-year fixed-rate mortgage averaged 3.09 percent with an average 0.7 point for the week ending October 21, 2021, up from last week when it averaged 3.05 percent. A year ago at this time, the 30-year FRM averaged 2.80 percent.

15-year fixed-rate mortgage averaged 2.33 percent with an average 0.7 point, up from last week when it averaged 2.30 percent. A year ago at this time, the 15-year FRM averaged 2.33 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.54 percent with an average 0.3 point, down slightly from last week when it averaged 2.55 percent. A year ago at this time, the 5-year ARM averaged 2.87 percent.

The PMMS is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Home prices rise 18.6% | Chappaqua Real Estate

41% increase since 2006

  • Home prices rose 18.6% annually in June, up from a 16.8% increase in May, according to the S&P CoreLogic Case-Shiller national home price index.
  • Prices are now 41% higher than their last peak during the housing boom in 2006.
  • Home prices continue to surge due to strong demand and persistent low supply.
Real estate agents Rosa Arrigo, center, and Elisa Rosen, right, work an open house in West Hempstead, New York on April 18, 2021.

Douglas Elliman Real Estate open house

Home prices rose 18.6% annually in June, up from the 16.8% increase in May, according to the S&P CoreLogic Case-Shiller national home price index.

That is the largest annual gain in the history of the index dating back to 1987. Prices nationally are now 41% higher than their last peak during the housing boom in 2006.

Unlike other median price surveys, which can be skewed by the type of homes selling, this measures repeat sales of similar homes over time.

The 10-City composite rose 18.5%, up from 16.6% in the previous month. The 20-City composite was up 19.1%, up from 17.1% in the previous month.

Phoenix, San Diego, and Seattle reported the strongest price increases of the 20 cities. Prices in Phoenix increased 29.3% year-over-year. In San Diego they rose 27.1%, and in Seattle they were up 25.0%. All 20 cities reported higher price increases in the year ending June 2021 versus the year ending May 2021.

“The last several months have been extraordinary not only in the level of price gains, but in the consistency of gains across the country,” said Craig Lazzara, managing director and global head of index investment strategy at S&P DJI. “In June, all 20 cities rose, and all 20 gained more in the 12 months ended in June than they had gained in the 12 months ended in May.”

Prices in just about every city in the 20-city index, except for Chicago, are at all-time highs, he said, as are the national composition and the 10- and 20-city indices.

Home prices continue to surge due to strong demand and persistent low supply. While supply has been increasing month to month, it was still down 12% in July year-over-year, according to the National Association of Realtors.

Peter Boockvar, chief investment officer at Bleakley Advisory group, said prices are rising at “a really out of control pace that is unsustainable and unhealthy.”

Home sales, however, have started to cool. Signed contracts on existing homes dropped in July, according to the National Association of Realtors. Prices usually lag sales by about six months, so that could be a sign that price gains will stop accelerating as they have been for over a year.

“According to new Ally Home data, 45% of buyers say they have delayed purchasing a home due to market conditions, with 29% citing high home prices and 20% indicating homes selling too quickly as factors in this delay,” says Glenn Brunker, president of Ally Home.

Low mortgage rates continue to keep prices strong. Rates will rise if the Federal Reserve slows its purchases of mortgage-backed bonds, but so far that is not expected to happen in the near term.

read more…

cnbc.com/realestate

FHFA reports 16% increase in home prices | Chappaqua Real Estate

The Federal Housing Finance Agency (FHFA) found that house prices across the nation rose 16% from April 2020 to April 2021.

From March to April, house prices across the nation rose 1.8%, surpassing the previous month’s 1.6% increase.

Three regions — the Pacific coast, the western states and New England — saw more pronounced year over year increases. The FHFA index tracks seasonally-adjusted, purchase data from Fannie Mae and Freddie Mac.

In the mountain division, which includes Colorado, New Mexico, Idaho, Wyoming, Utah, Nevada, Arizona and Wyoming, house prices rose 21% year over year. In the pacific division, encompassing Washington, Oregon and California, prices rose 18%. In Maine, Vermont, New Hampshire, Massachusetts, Connecticut and Rhode Island, house prices also rose 18%.

“House prices recorded another monthly and annual record in April,” said Dr. Lynn Fisher, FHFA’s deputy director of the division of research and statistics. “This unprecedented price growth persists due to strong demand, bolstered by still-low mortgage rates, and too few homes for sale.

Mortgage rates rose above 3% for the first time in 10 weeks last week. Mortgage applications are still on the rise, however.

House prices have risen during the past year as a result of elevated lumber prices, a lack of available homes and increased demand for homes.

Lockdowns early in the pandemic led many to work from home and divide their living space into home offices. Those who were able to bought homes with more space, better suited to the pandemic remote work trend.

That has led to astonishing price increases in markets like Seattle, where the median home-sale price rose more than 26% year-over-year to a record $737,800 in May 2021. Tech employees there, faced with working remotely from cramped apartments, instead hunted for homes with more space.

“I’ve never seen anything like this housing market,” a Seattle-area Redfin agent said.

read more…

housingwire.com/articles/

Case-Shiller prices up 12% | Chappaqua Real Estate

S&P Dow Jones Indices (S&P DJI) today released the latest results for the S&P CoreLogic Case-Shiller Indices, the leading measure of U.S. home prices. Data released today for February 2021 show that home prices continue to increase across the U.S. More than 27 years of history are available for the data series, and can be accessed in full by going to https://www.spglobal.com/spdji/.

YEAR-OVER-YEAR

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 12.0% annual gain in February, up from 11.2% in the previous month. The 10-City Composite annual increase came in at 11.7%, up from 10.9% in the previous month. The 20-City Composite posted an 11.9% year-over-year gain, up from 11.1% in the previous month.

Phoenix, San Diego, and Seattle reported the highest year-over-year gains among the 20 cities in February. Phoenix led the way with a 17.4% year-over-year price increase, followed by San Diego with a 17.0% increase and Seattle with a 15.4% increase. Nineteen of the 20 cities reported higher price increases in the year ending February 2021 versus the year ending January 2021.

MONTH-OVER-MONTH

Before seasonal adjustment, the U.S. National Index posted an 1.1% month-over-month increase, while the 10-City and 20-City Composites both posted increases of 1.1% and 1.2% respectively in February.

After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 1.1%, and the 10-City and 20-City Composites both posted increases of 1.1% and 1.2% respectively as well. In February, all 20 cities reported increases before and after seasonal adjustments.

ANALYSIS

“Strong home price gains continued in February 2021,” says Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P DJI. The National Composite Index marked its ninth month of accelerating prices with a 12.0% gain from year-ago levels, up from 11.2% in January. This acceleration is also reflected in the 10- and 20-City Composites (up 11.7% and 11.9%, respectively). The market’s strength continues to be broadly-based: all 20 cities rose, and 19 cities gained more in the 12 months ended in February than they had gained in the 12 months ended in January.

“More than 30 years of S&P CoreLogic Case-Shiller data help us to put February’s results into historical context. The National Composite’s 12.0% gain is the highest recorded since February 2006, exactly 15 years ago, and lies comfortably in the top decile of historical performance. Housing’s strength is reflected across all 20 cities; February’s price gains in every city are above that city’s median level, and rank in the top quartile of all reports in 18 cities.

“These data remain consistent with the hypothesis that COVID has encouraged potential buyers to move from urban apartments to suburban homes. This demand may represent buyers who accelerated purchases that would have happened anyway over the next several years. Alternatively, there may have been a secular change in preferences, leading to a permanent shift in the demand curve for housing. Future data will be required to analyze this question.

“Phoenix’s 17.4% increase led all cities for the 21st consecutive month, with San Diego (+17.0%) and Seattle (+15.4%) close behind. Although prices were strongest in the West (+13.0%) and Southwest (+12.9%), every region logged double-digit gains.”

SUPPORTING DATA

Table 1 below shows the housing boom/bust peaks and troughs for the three composites along with the current levels and percentage changes from the peaks and troughs.

2006 Peak2012 TroughCurrent
IndexLevelDateLevelDateFrom Peak (%)LevelFrom Trough (%)From Peak (%)
National184.61Jul-06133.99Feb-12-27.4%238.8278.2%29.4%
20-City206.52Jul-06134.07Mar-12-35.1%246.0483.5%19.1%
10-City226.29Jun-06146.45Mar-12-35.3%259.5077.2%14.7%

Table 2 below summarizes the results for February 2021. The S&P CoreLogic Case-Shiller Indices could be revised for the prior 24 months, based on the receipt of additional source data.

February 2021February/JanuaryJanuary ’21/December ’201-Year
Metropolitan AreaLevelChange (%)Change (%)Change (%)
Atlanta171.440.9%0.8%10.0%
Boston254.420.9%0.7%13.7%
Charlotte187.361.0%0.7%11.7%
Chicago154.760.3%0.3%8.6%
Cleveland142.620.8%0.1%12.5%
Dallas214.381.7%0.8%10.9%
Denver250.391.8%1.0%11.2%
Detroit142.631.0%0.6%11.7%
Las Vegas214.781.0%0.9%9.1%
Los Angeles325.331.3%1.0%11.9%
Miami275.881.0%1.2%11.0%
Minneapolis198.561.0%0.0%10.4%
New York227.360.6%1.0%11.6%
Phoenix236.512.0%1.6%17.4%
Portland270.661.3%1.0%11.4%
San Diego310.622.9%1.5%17.0%
San Francisco298.342.1%0.6%11.0%
Seattle299.952.4%1.5%15.4%
Tampa255.051.3%1.1%12.7%
Washington262.181.0%0.7%11.1%
Composite-10259.501.1%0.9%11.7%
Composite-20246.041.2%0.9%11.9%
U.S. National238.821.1%0.9%12.0%
Sources: S&P Dow Jones Indices and CoreLogic
Data through February 2021

Table 3 below shows a summary of the monthly changes using the seasonally adjusted (SA) and non-seasonally adjusted (NSA) data. Since its launch in early 2006, the S&P CoreLogic Case-Shiller Indices have published, and the markets have followed and reported on, the non-seasonally adjusted data set used in the headline indices. For analytical purposes, S&P Dow Jones Indices publishes a seasonally adjusted data set covered in the headline indices, as well as for the 17 of 20 markets with tiered price indices and the five condo markets that are tracked.

February/January Change (%)January ’21/December ’20 Change (%)
Metropolitan AreaNSASANSASA
Atlanta0.9%0.8%0.8%1.2%
Boston0.9%1.3%0.7%1.3%
Charlotte1.0%1.0%0.7%1.1%
Chicago0.3%0.4%0.3%0.8%
Cleveland0.8%1.2%0.1%0.9%
Dallas1.7%1.4%0.8%1.2%
Denver1.8%1.4%1.0%1.1%
Detroit1.0%1.0%0.6%1.2%
Las Vegas1.0%1.1%0.9%1.3%
Los Angeles1.3%1.3%1.0%1.1%
Miami1.0%1.1%1.2%1.3%
Minneapolis1.0%1.1%0.0%0.8%
New York0.6%1.2%1.0%1.2%
Phoenix2.0%2.1%1.6%2.0%
Portland1.3%1.5%1.0%1.2%
San Diego2.9%2.2%1.5%1.5%
San Francisco2.1%1.5%0.6%1.4%
Seattle2.4%1.6%1.5%1.6%
Tampa1.3%1.3%1.1%1.4%
Washington1.0%1.0%0.7%1.1%
Composite-101.1%1.1%0.9%1.2%
Composite-201.2%1.2%0.9%1.2%
U.S. National1.1%1.1%0.9%1.3%
Sources: S&P Dow Jones Indices and CoreLogic
Data through February 2021

read more…

https://www.spglobal.com/spdji/.

Case-shiller home prices up 10.1% | Chappaqua Real Estate

S&P Dow Jones Indices (S&P DJI) today releases the latest results for the S&P CoreLogic Case-Shiller Indices, the leading measure of U.S. home prices. Data released today for December 2020 show that home prices continue to increase across the U.S. More than 27 years of history are available for the data series, and can be accessed in full by going to https://www.spglobal.com/spdji/.

Please note that transaction records for October 2020 and November 2020 for Wayne County, MI, are now available. Due to delays at the local recording office caused by the COVID-19 pandemic, S&P DJI and CoreLogic were previously unable to generate valid October 2020 and November 2020 updates for the Detroit S&P CoreLogic Case-Shiller Indices.

However, there are still an insufficient number of records from Wayne County for December 2020. Since Wayne County is the most populous county in the Detroit metro area, S&P DJI and CoreLogic are unable to generate a valid Detroit index value for December 2020. When the sale transactions data fully resumes, and sufficient data is collected, the Detroit index values for the month(s) with missing updates will be calculated.

YEAR-OVER-YEAR 

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 10.4% annual gain in December, up from 9.5% in the previous month. The 10-City Composite annual increase came in at 9.8%, up from 8.9% in the previous month. The 20-City Composite posted a 10.1% year-over-year gain, up from 9.2% in the previous month.

Phoenix, Seattle, and San Diego continued to report the highest year-over-year gains among the 19 cities (excluding Detroit) in December. Phoenix led the way with a 14.4% year-over-year price increase, followed by Seattle with a 13.6% increase and San Diego with a 13.0% increase. Eighteen of the 19 cities reported higher price increases in the year ending December 2020 versus the year ending November 2020. 

MONTH-OVER-MONTH

Before seasonal adjustment, the U.S. National Index posted a 0.9% month-over-month increase, while the 10-City and 20-City Composites both posted increases of 0.9% and 0.8% respectively in December. After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 1.3%, while the 10-City and 20-City Composites both posted increases of 1.2% and 1.3% respectively. In December, 18 cities (excluding Detroit) reported increases before seasonal adjustment, while all 19 cities reported increases after seasonal adjustment.

ANALYSIS

“Home prices finished 2020 with double-digit gains, as the National Composite Index rose by 10.4% compared to year-ago levels,” says Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P DJI. “The trend of accelerating prices that began in June 2020 has now reached its seventh month and is also reflected in the 10- and 20-City Composites (up 9.8% and 10.1%, respectively). The market’s strength continues to be broadly-based: 18 of the 19 cities for which we have December data rose, and 18 cities gained more in the 12 months ended in December than they had gained in the 12 months ended in November.

“As COVID-related restrictions began to grip the economy in early 2020, their effect on housing prices was unclear. Price growth decelerated in May and June, and then began a steady climb upward, and   December’s report continues that acceleration in an emphatic manner. 2020’s 10.4% gain marks the best performance of housing prices in a calendar year since 2013. From the perspective of more than 30 years of S&P CoreLogic Case-Shiller data, December’s year-over-year change ranks within the top decile of all reports.

“These data are consistent with the view that COVID has encouraged potential buyers to move from urban apartments to suburban homes. This may indicate a secular shift in housing demand, or may simply represent an acceleration of moves that would have taken place over the next several years anyway. Future data will be required to address that question.

“Phoenix’s 14.4% increase led all cities for the 19th consecutive month, with Seattle (+13.6%) and San Diego (+13.0%) close behind. Prices were strongest in the West (+10.8%) and Southwest (+10.5%), but gains were impressive in every region.”

SUPPORTING DATA 

Table 1 below shows the housing boom/bust peaks and troughs for the three composites along with the current levels and percentage changes from the peaks and troughs.

2006 Peak2012 TroughCurrent
 Index Level Date Level DateFrom Peak
(%)
 LevelFrom Trough
(%)
From Peak
(%)
National184.61Jul-06134.00Feb-12-27.4%234.4074.9%27.0%
20-City206.52Jul-06134.07Mar-12-35.1%240.7579.6%16.6%
10-City226.29Jun-06146.45Mar-12-35.3%254.1873.6%12.3%

Table 2 below summarizes the results for December 2020. The S&P CoreLogic Case-Shiller Indices are revised for the prior 24 months, based on the receipt of additional source data.

December 2020December/NovemberNovember/October1-Year
Metropolitan AreaLevelChange (%)Change (%)Change (%)
Atlanta168.580.8%1.2%8.9%
Boston250.330.8%1.4%11.4%
Charlotte184.400.7%1.1%10.2%
Chicago154.450.3%0.4%7.7%
Cleveland141.250.9%0.1%11.5%
Dallas209.090.9%0.8%8.4%
Denver243.490.9%1.0%9.2%
Detroit0.7%
Las Vegas210.651.1%0.7%7.9%
Los Angeles317.640.7%0.9%9.9%
Miami269.811.2%1.3%9.2%
Minneapolis196.810.4%0.6%10.2%
New York223.321.2%1.9%9.9%
Phoenix228.241.1%1.3%14.4%
Portland264.510.5%0.7%9.9%
San Diego297.520.6%0.9%13.0%
San Francisco289.880.0%0.9%8.7%
Seattle288.750.9%0.9%13.6%
Tampa248.921.2%1.4%10.7%
Washington259.001.2%1.1%10.3%
Composite-10254.180.9%1.2%9.8%
Composite-20240.750.8%1.1%10.1%
U.S. National234.400.9%1.1%10.4%
Sources: S&P Dow Jones Indices and CoreLogic
Data through December 2020

Table 3 below shows a summary of the monthly changes using the seasonally adjusted (SA) and non-seasonally adjusted (NSA) data. Since its launch in early 2006, the S&P CoreLogic Case-Shiller Indices have published, and the markets have followed and reported on, the non-seasonally adjusted data set used in the headline indices. For analytical purposes, S&P Dow Jones Indices publishes a seasonally adjusted data set covered in the headline indices, as well as for the 17 of 20 markets with tiered price indices and the five condo markets that are tracked.

December/November Change (%)November/October Change (%)
Metropolitan AreaNSASANSASA
Atlanta0.8%1.3%1.2%1.5%
Boston0.8%1.4%1.4%1.7%
Charlotte0.7%1.1%1.1%1.3%
Chicago0.3%1.1%0.4%1.2%
Cleveland0.9%1.5%0.1%0.9%
Dallas0.9%1.2%0.8%1.1%
Denver0.9%1.3%1.0%1.4%
Detroit0.7%1.4%
Las Vegas1.1%1.3%0.7%1.0%
Los Angeles0.7%1.0%0.9%1.2%
Miami1.2%1.5%1.3%1.4%
Minneapolis0.4%1.2%0.6%1.3%
New York1.2%1.4%1.9%2.1%
Phoenix1.1%1.5%1.3%1.6%
Portland0.5%0.9%0.7%1.3%
San Diego0.6%1.2%0.9%1.6%
San Francisco0.0%0.8%0.9%1.0%
Seattle0.9%1.5%0.9%1.7%
Tampa1.2%1.5%1.4%1.3%
Washington1.2%1.5%1.1%1.3%
Composite-100.9%1.2%1.2%1.5%
Composite-200.8%1.3%1.1%1.5%
U.S. National0.9%1.3%1.1%1.5%
Sources: S&P Dow Jones Indices and CoreLogic
Data through December 2020

For more information about S&P Dow Jones Indices, please visit https://www.spglobal.com/spdji/.

ABOUT S&P DOW JONES INDICES

S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets.

S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit https://www.spglobal.com/spdji/.

FOR MORE INFORMATION:

https://www.prnewswire.com/news-releases/sp-corelogic-case-shiller-index-reports-10-4-annual-home-price-gain-to-end-2020–301233707.html