Just out from Case-Shiller, S&P/CoreLogic – fresh housing data:
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census
divisions, reported a 14.6% annual gain in April, up from 13.3% in the previous month. The 10-City
Composite annual increase came in at 14.4%, up from 12.9% in the previous month. The 20-City
Composite posted a 14.9% year-over-year gain, up from 13.4% in the previous month.
Phoenix, San Diego, and Seattle reported the highest year-over-year gains among the 20 cities in April.
Phoenix led the way with a 22.3% year-over-year price increase, followed by San Diego with a 21.6%
increase and Seattle with a 20.2% increase. All 20 cities reported higher price increases in the year
ending April 2021 versus the year ending March 2021.
Before seasonal adjustment, the U.S. National Index posted a 2.1% month-over-month increase, while
the 10-City and 20-City Composites both posted increases of 1.9% and 2.1% respectively in April.
After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 1.6%, and
the 10-City and 20-City Composites both posted increases of 1.4% and 1.6% respectively. In April, all
20 cities reported increases before and after seasonal adjustments.
“Housing prices accelerated their surge in April 2021,” says Craig J. Lazzara, Managing Director and
Global Head of Index Investment Strategy at S&P DJI. “The National Composite Index marked its
eleventh consecutive month of accelerating prices with a 14.6% gain from year-ago levels, up from
13.3% in March. This acceleration is also reflected in the 10- and 20-City Composites (up 14.4% and
14.9%, respectively). The market’s strength is broadly-based: all 20 cities rose, and all 20 gained more
in the 12 months ended in April than they had gained in the 12 months ended in March.
Nationally, sales prices look like this:
Wanted to follow up on something from the column earlier today: We’re having a hard time wrapping our heads around the obviously conflicted data in cities like Las Vegas.
Because while stories like Lake Mead is dropping. Time to think about the worst-case scenario? (azcentral.com) are showing up, at the same time, Las Vegas continues to be a hot property market!
Las Vegas with an index value of 225.33 was up 2.5% in the most recent reporting window and over the past year is up 12.5%.
We have similar concerns with Phoenix where for now, the Salt River Project and aquifers are working, but again, what about worst case? How would like in Phoenix be if the pool couldn’t be topped-off? Not now, of course. Be we try to live 10-years ahead of the pack.
Definitely things to ponder. Sure. we can work our way through a lot of issues with high tech tools, but that requires capital and someone to step up to pay big bills over time.
Maybe it’s because I’m 72, but even at half that age, better watered and more livable climate should sure seem to make sense.
If the climate does shift – which it does from time to time – why would anyone in their right mind step into the yoke of debt in arid towns?
Write when you get rich,