The latest S&P CoreLogic Case-Schiller Index found that home prices rose annually 3.8% in December 2019—up from the prior month’s increase of 3.5%.
Annual increases for the 10-City Composite were 2.4%, which is an increase from November 2019’s 2%, and the 20-City Composite rose 2.9% year-over-year—also an increase from the prior month’s 2.5%.
"The U.S. housing market continued its trend of stable growth in December,” said Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P Dow Jones Indices. “This marks eight consecutive years of increasing housing prices (an increase which is echoed in our 10- and 20-City Composites).”
Lazzara added that national home prices are 59% above the lows recorded in February 2012 and 15% above their pre-financial crisis peak.
Phoenix reported the highest annual price increase at 6.5%. Charlotte, North Carolina, was a close second at 5.3% and Tampa, Florida, revealed home prices rose 5.2%. Of the 20 cities studied, 12 reported greater prices increases in December 2019 compared to November 2019.
Phoenix has led the nation in annual home-price appreciation for seven consecutive months. Of the 20 markets studied, both Cleveland and New York reported annual price gains of 1%—the lowest in the nation.
Also reporting an increase in home prices was the Federal Housing Finance Agency’s Home Price Index (HPI), which reported prices grew 1.3% in Q4 2019. Prices rose 5.1% from Q4 2018 to Q4 2019.
— FHFA (@FHFA) February 25, 2020
The HPI found that Q4 2019 was the 34th consecutive quarter for home-price increases. Prices also rose in all 50 states and the District of Columbia year-over-year. Idaho led the nation with an annual home-price appreciation of 12%.
Utah came in at second at 8.1%, Arizona saw price growth rise at 7%, Washington reported 7% growth, and Indiana had 5% growth. Connecticut’s annual price growth of 1.9% was the smallest in the nation.
Home prices increased in 97 of the top 100 largest metropolitan areas over the last year. Boise, Idaho, had the highest price increase in the nation at 12.7%.