• Home » Home Prices Now 15 Percent Higher Than Last Peak

Home Prices Now 15 Percent Higher Than Last Peak

In October, home prices rose 3.3 percent year-over-year, according to the latest S&P CoreLogic/Case-Shiller Indices, bringing them a milestone 15 percent-plus higher than their last peak, in July 2006.

Kleine grüne Häuschen stehen auf Stapeln aus Münzen.



The complete data for the 20 markets measured by S&P:

Atlanta, Ga.
October/September: 0.4%
Year-Over-Year: 4.2%

Boston, Mass.
October/September: 0%
Year-Over-Year: 3.4%

Charlotte, N.C.
October/September: 0.4%
Year-Over-Year: 4.8%

Chicago, Ill.
October/September: -0.4%
Year-Over-Year: 0.5%

Cleveland, Ohio
October/September: -0.5%
Year-Over-Year: 3.3%

Dallas, Texas
October/September: -0.1%
Year-Over-Year: 2.9%

Denver, Colo.
October/September: 0%
Year-Over-Year: 3.3%

Detroit, Mich.
October/September: -0.5%
Year-Over-Year: 3.1%

Las Vegas, Nev.
October/September: -0.2%
Year-Over-Year: 2.3%

Los Angeles, Calif.
October/September: 0.4%
Year-Over-Year: 2%

Miami, Fla.
October/September: 0.3%
Year-Over-Year: 3.3%

Minneapolis, Minn.
October/September: -0.2%
Year-Over-Year: 4.2%

New York, N.Y.
October/September: 0.3%
Year-Over-Year: 0.8%

Phoenix, Ariz.
October/September: 0.5%
Year-Over-Year: 5.8%

Portland, Ore.
October/September: -0.5%
Year-Over-Year: 2.7%

San Diego, Calif.
October/September: -0.2%
Year-Over-Year: 2.9%

San Francisco, Calif.
October/September: -0.4%
Year-Over-Year: -0.4%

Seattle, Wash.
October/September: -0.3%
Year-Over-Year: 2.5%

Tampa, Fla.
October/September: 0.6%
Year-Over-Year: 4.9%

Washington, D.C.
October/September: 0.3%
Year-Over-Year: 3%

“With October’s 3.3 percent increase in the national composite index, home prices are currently more than 15 percent above the pre-financial crisis peak reached July 2006,” Craig J. Lazzara, of the S&P Dow Jones Indices, said in a statement. “As was the case last month, after a long period of decelerating price increases, the national, 10-city and 20-city composites all rose at a modestly faster rate in October compared to September. This stability was broad-based, reflecting data in 12 of 20 cities.

However, “it is, of course, still too soon to say whether this marks an end to the deceleration or is merely a pause in the longer-term trend,” cautioned Lazzara.

Heading into 2020, appreciation could temper, according to Lawrence Yun, chief economist at the National Association of REALTORS®, if builders expand inventory options.

“Demand remains strong and supply is lacking,” says Yun. “Moreover, faster price appreciation in warmer Southern states reflect the ongoing migratory trend of people moving out of expensive regions of the country to more affordable parts. In 2020, more home-building activity and consequent growth in supply should tame down home price gains. That’s a healthy development for potential homebuyers. Southern cities should once again do better than most other markets.”

At the local scale, home prices varied.

“Price trends varied across cities depending in part on affordability constraints and population growth pressures,” Frank Nothaft, chief economist at CoreLogic, says. “High-cost markets, where the lack of affordable housing remains a critical issue, had the largest deceleration in price growth from one year ago, with prices declining in San Francisco on an annual basis for the third month in a row. Of the cities in the composite index, Phoenix and Tampa top the list of annual appreciation, reflecting rising demand from strong population growth in Arizona and Florida.”

Reprinted with permission from RISMedia. ©2020. All rights reserved.

Our Offices

Brooklyn Office

361 Nostrand Ave

Brooklyn, NY 11216

718.395.5626

Elmhurst Office

76-26 Broadway

Elmhurst, NY 11373

718.446.1300

Wantagh Office

1897 Wantagh Avenue

Wantagh, NY 11793

516.826.4600

East Meadow Office

1856 Hempstead Tpke

East Meadow, NY 11554

516.796.8900

Fresh Meadows Office

188-13 Union Turnpike

Fresh Meadows, NY 11366

718.206.1340

Syosset Office

40 Underhill Blvd.

Syosset, NY 11791

516.826.2100

Oceanside Office

2911 Long Beach Road

Oceanside, NY 11572

516.223.2525

Long Beach Office

284 W Park Ave

Long Beach, NY 11561

516.665.2000

Merrick Office

55 Merrick Avenue

Merrick, NY 11566

516.302.8500

Farmingdale Office

392 Conklin Street

Farmingdale, NY 11735

516.293.2323

Franklin Square Office

1069 Hempstead Turnpike

Franklin Square, NY 11010

516.825.6511

Hicksville Office

10 Stewart Ave

Hicksville, NY 11801

516.334.4333

The CENTURY 21 American Homes App

Download the CENTURY 21 American Homes app to take your search on the go and access your saved homes and searches from anywhere. Try it for free and get notifications directly on your phone about new homes on the market!