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Nationwide, the seasonally adjusted housing index rose 2% month over month in February and 13.2% year over year, up from a monthly increase of 1.2% in February.
The national year-over-year gain is the highest recorded since December 2005, Craig Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indexes, said in a press release.
The 10-city composite index rose 2.0% on a monthly basis and 12.8% on a yearly basis, while the 20-city composite rose 2.2% monthly and 13.3% annually.
All 20 cities in the composite index posted gains, and the increases in every city are above that city’s median level, Lazzara said.
“These data are consistent with the hypothesis that COVID has encouraged potential buyers to move from urban apartments to suburban homes,” Lazzara said. “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. More time and data will be required to analyze this question.”
Boston Condos for Sale
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From CNBC:
Nationally, prices rose 4.5% annually in May, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index. That is down from the 4.6% gain in April.
Home prices in the 10-city composite increased 3.1% annually, down from 3.3% in the previous month. The 20-city composite rose 3.7% year over year, down from 3.9% in April (Detroit was excluded from the composite due to data collection issues).
Home values increased in all 19 of the cities for which data was available, but the gains accelerated in just three. Prices were accelerating in 12 cities in April and 18 cities in March.
Regionally, price gains in Phoenix, Seattle and Tampa continued to be the strongest in the nation. Phoenix posted a 9% year-over-year price increase, followed by Seattle with a 6.8% increase and Tampa with a 6% increase. Price gains were smallest in Chicago, New York and San Francisco.
May 2020 | May/April | April/March | 1-Year | |||||
Metropolitan Area | Level | Change (%) | Change (%) | Change (%) | ||||
Atlanta | 158.94 | 0.5% | 0.8% | 4.2% | ||||
Boston | 231.35 | 0.4% | 1.4% | 4.3% | ||||
Charlotte | 172.57 | 0.8% | 1.1% | 5.4% | ||||
Chicago | 146.96 | 0.7% | 1.0% | 1.3% | ||||
Cleveland | 132.00 | 1.2% | 1.6% | 5.7% | ||||
Dallas | 196.71 | 0.5% | 0.7% | 2.8% | ||||
Denver | 231.39 | 0.5% | 1.0% | 3.9% | ||||
Detroit | – | – | – | – | ||||
Las Vegas | 200.78 | 0.3% | 0.8% | 4.2% | ||||
Los Angeles | 297.00 | 0.4% | 0.7% | 3.7% | ||||
Miami | 252.70 | 0.3% | 0.6% | 4.0% | ||||
Minneapolis | 186.76 | 0.8% | 1.9% | 5.5% | ||||
New York | 204.88 | 0.0% | 0.4% | 2.1% | ||||
Phoenix | 208.25 | 0.9% | 1.4% | 9.0% | ||||
Portland | 248.14 | 0.9% | 0.6% | 4.2% | ||||
San Diego | 273.51 | 0.4% | 1.2% | 5.2% | ||||
San Francisco | 275.59 | -0.2% | 0.5% | 2.2% | ||||
Seattle | 271.45 | 0.6% | 1.4% | 6.8% | ||||
Tampa | 231.53 | 0.3% | 0.9% | 6.0% | ||||
Washington | 241.94 | 0.6% | 0.7% | 3.5% | ||||
Composite-10 | 236.98 | 0.3% | 0.7% | 3.1% | ||||
Composite-20 | 224.76 | 0.4% | 0.8% | 3.7% | ||||
U.S. National | 218.87 | 0.7% | 1.0% | 4.5% | ||||
Sources: S&P Dow Jones Indices and CoreLogic | ||||||||
Data through May 2020 | ||||||||
