S&P CoreLogic Case-Shiller 20 City Home Price Index January 2021 Year-Over-Year Growth Continues

The non-seasonally adjusted S&P CoreLogic Case-Shiller home price index (20 cities) year-over-year rate of home price growth continues. The index authors stated, "January's performance is particularly impressive in historical context. The National Composite's 11.2% gain is the highest recorded since February 2006, just one month shy of 15 years ago.".

Analyst Opinion of Case-Shiller HPI

Please note from the authors:

Please note that transaction records for December 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 a valid December 2020 update for the Detroit S&P CoreLogic CaseShiller Indices.

All home price indices are now showing home price growth is continuing year-over-year. At this point, it looks like the pandemic has little affected home prices (or sales for that matter).

  • 20 city unadjusted home price rate of growth accelerated by 1.0 % month-over-month. [Econintersect uses the change in year-over-year growth from month-to-month to calculate the change in the rate of growth]
  • Note that the Case-Shiller index is an average of the last three months of data.
  • The market expected from Econoday:
  Consensus Range Consensus Actual
20-city, SA - M/M 0.6 % to 1.3 % +1.2 % +1.2 %
20-city, NSA - M/M 0.4 % to 0.8 % +0.6 % +0.9 %
20-city, NSA - Yr/Yr 9.7 % to 11.0 % +10.7 % +11.1 %

S&P/Case-Shiller Home Price Indices Year-over-Year Change

Comparing the NAR and Case-Shiller home price indices, it needs to be understood each of the indices uses a unique methodology in compiling their index - and no index is perfect.

The way to understand the dynamics of home prices is to watch the direction of the rate of change. Here home price growth is now accelerating.

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