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CoreLogic will release the latest Case-Shiller Home Price Index on Tuesday. The prior report found home prices rose 3.9% in January.
Of the 20 markets studied by the index, Phoenix—for the eighth consecutive month—led the nation in home-price appreciation, growing 6.9% annually.
Phoenix also found that 9.6% of homes sold in the month made up one-third of sales and were up 6.2% for those that were in the highest one-third price tier.
The metros of Seattle; Tampa; and San Diego, each reported growth of 5.1%. CoreLogic said all of these markets had strong population growth and local economies fueling home purchases.
New York and Chicago reported the smallest annual price gain, at 0.8% and 0.6%, respectively. CoreLogic states the Census Bureau reported Illinois and New York had an annual decline in population between 2018 and 2019.
Comparing home-value appreciation with the Bureau of Economic Analysis’ Personal Consumption Expenditures (PCE) index. In comparison, the PCE was up 1.8% in January 2020 compared to the year prior.
Additionally, First American’s Real Home Price Index (RHPI) shows home prices rose just 0.1% from December 2019 to January 2020. Prices, however, fell 3.8% annually from January 2019 to January 2020.
First American found the consumer house-buying power rose by 1.4% between December 2019 and January 2020—also growing 13.2% year-over-year.
The median household income increased 2.3% annually and 59% since January 2000. Home prices are 17.2% less expensive than in January 2000.
New Jersey and Ohio were the only two states to record a year-over-year increase in First American’s RHPI at 2.7% and 0.2%, respectively.
First American’s study, however, noted that the housing market is currently underbuilt.
Also coming in The Week Ahead is the latest installment of DS5: Inside the Industry, featuring interviews with William Case, President and CEO, American Mortgage Service Co. and John Lynch, CEO and founder, PCMA.
Here's what else is happening in The Week Ahead:
Former CFPB Director Webinar (May 1)
DS5: Inside the Industry (April 28)
NAR Pending Home Sales (April 29)
FOMC Announcement (April 29)
