“Data released today for February 2022 show that home prices continue to increase across the U.S.
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 19.8% annual gain in February, up from 19.1% in the previous month. The 10-City
Composite annual increase came in at 18.6%, up from 17.3% in the previous month. The 20-City Composite posted a 20.2% year-over-year gain, up from 18.9% in the previous month.
Phoenix, Tampa, and Miami reported the highest year-over-year gains among the 20 cities in February. Phoenix led the way with a 32.9% year-over-year price increase, followed by Tampa with a 32.6% increase and Miami with a 29.7% increase. All 20 cities reported higher price increases in the year ending February 2022 versus the year ending January 2022.”
In the Analysis section:
Before seasonal adjustment, the U.S. National Index posted a 1.7% month-over-month increase in February, while the 10-City and 20-City Composites both posted increases of 2.4%. After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 1.9%, and the 10-City and 20-City Composites both posted increases of 2.3% and 2.4%, respectively. In February, all 20 cities reported increases before and after seasonal adjustments.
“U.S. home prices continued to advance at a very rapid pace in February,” says Craig J. Lazzara, Managing Director at S&P DJI. “The National Composite Index recorded a gain of 19.8% for the 12
months ended February 2022; the 10- and 20-City Composites rose 18.6% and 20.2%, respectively. All three composites reflect an acceleration of price growth relative to January’s level.
“The National Composite’s 19.8% year-over-year change for February was the third-highest reading in 35-years of history.”
Which to us looks like half an economic long wave.
As for price action?
You will see I have circled the Housing Bubble price collapse low. The housing data hit bottom in about 2011-2012. Stocks had bottomed in March-April of 2009.
Another key: This is February data. It’s almost May now. Review economics is dangerous stuff.
Something to be thinking about as a look-ahead tool to be thinking about. Stocks bottom first, then housing?
And stocks with 20 minutes to the opening were down 182 on Dow Futures.
Write when you get rich,