January S&P/Case-Shiller Home Price Index: National Index up 11.2% YoY NSA
With today's release of the January S&P/Case-Shiller Home Price Index, we learned that seasonally adjusted home prices for the benchmark 20-city index saw a 1.2% increase month over month which is cut to 1.1% with inflation adjustment. The non-seasonally adjusted national index saw an 11.1% YoY increase.
Investing.com had forecast a 1.2% MoM seasonally adjusted increase and 11.0% YoY nonseasonally adjusted for the 20-city series.
Here is the analysis from today's Standard & Poor's press release:
NEW YORK, MARCH 30, 2021: S&P Dow Jones Indices (S&P DJI) today released the latest results for the S&P CoreLogic Case-Shiller Indices, the leading measure of U.S. home prices. Data released today for January 2021 show that home prices continue to increase across the U.S. More than 27 years of history are available for the data series, and can be accessed in full by going to https://www.spglobal.com/spdji/.
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 Case Shiller Indices. [Read more]
The chart below is an overlay of the Case-Shiller 10- and 20-City Composite Indexes along with the national index since 1987, the first year that the 10-City Composite was tracked. Note that the 20-City, which is probably the most closely watched of the three, dates from 2000. We've used the seasonally adjusted data for this illustration.