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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.”

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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.

Link to Article

 

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

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