Escape From New York (And Chicago)! Case-Shiller Home Prices Rise 5.7% YoY As Phoenix AZ Leads In YoY Price Growth (Chicago And New York In Last Place)

by confoundedinterest17

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 5.7% annual gain in August, up from 4.8% in the previous month. The 10-City Composite annual increase came in at 4.7%, up from 3.5% in the previous month. The 20-City Composite posted a 5.2% year-over-year gain, up from 4.1% in the previous month.

Phoenix, Seattle and San Diego reported the highest year-over-year gains among the 19 cities (excluding Detroit) in August. Phoenix led the way with a 9.9% year-over-year price increase, followed by Seattle with an 8.5% increase and San Diego with a 7.6% increase. All 19 cities reported higher price increases in the year ending August 2020 versus the year ending July 2020.

The National Index posted a 1.1% month-over-month increase, while the 10-City and 20-City Composites both posted increases of 1.1% before seasonal adjustment in August. After seasonal adjustment, the National Index posted a month-over-month increase of 1.0%, while the 10-City and 20- City Composites both posted increases of 0.5%. In August, all 19 cities (excluding Detroit) reported increases before seasonal adjustment, while 17 of the 19 cities reported increases after seasonal adjustment.

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Once again, home price growth is exceeding average hourly earnings (5.71% versus 4.60%).

Phoenix AZ leads the Case-Shiller 20 in year-over-year home price growth at 9.85% followed by Antifaville (Seattle) at 8.49% YoY. On a 3-month basis (annualized), San Diego leads at 15.30% with Antifaville South (Portland) at 14.52%. In last place on a YoY basis is, no surprise, Chicago at 1.22% followed by (no surprise) New York City at 2.82%.

“Please stay in Chicago and pay outrageous taxes to bail out our overly generous government pensions!” – Lori Lightfoot, Mayor