Housing Price Recovery Analysis By City
March Case-Shiller Housing Numbers
The March S&P/Case-Shiller Home Price indices were released last week, and below is an updated look at where the 20 cities tracked currently stand.
As shown below, 18 of 20 cities saw month-over-month gains, while all 20 are now up year-over-year. San Francisco was up the most in March with a gain of 3.85%. Seattle, Las Vegas, Portland and Tampa round out the top five month-over-month gainers. The two cities that saw declines in March were New York and Minneapolis.
New York was one of the two month-over-month decliners, and New York is also up the least year-over-year at just +2.62%. While New York did not fall as much as areas out West or down South did during the bursting of the housing bubble, it has been extremely slow to recover.
On the upside in terms of the year-over-year numbers, Phoenix and San Francisco led the way with gains of more than 22%. Las Vegas is up the third most with a gain of 20.57%, followed by Atlanta (19.08%) and Detroit (+18.45%).
Below is a chart we created showing how much each of the 20 cities tracked is up off of its financial crisis low. As shown, the two 10-city composite indices are up roughly 10% off of their lows, but two-thirds of the cities are up more than that, with San Francisco and Phoenix leading the way above 30%. New York is again at the bottom of the pack with a bounce of just 3% off of its lows so far.
But while every city is up off of its low, we've still got a long way to go to get back to the pre-crisis highs reached back in 2005/2006. The composite indices are still nearly 30% off their highs, while Las Vegas is still down more than 50%. Miami, Phoenix and Tampa are all down more than 40%, while San Francisco (which has bounced the most) is down 30%. Two cities are getting close to their prior highs, however. As shown, both Denver and Dallas are now just 3% off their all-time highs.
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Courtesy of Bespoke