Before we get into the Housing Data, a word here about the timeframe of the data.
We are at the end of March. The data here is January sales data.
Pandemic impact on housing won’t be evident for some months, yet. “Data released today for January 2020 show that home prices continue to increase at a modest rate across the U.S. ”
OK, with that said (this is BEFORE THE WORLD CHANGED):
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 3.9% annual gain in January, up from 3.7% in the previous month. The 10-City Composite annual increase came in at 2.6%, up from 2.3% in the previous month. The 20-City Composite posted a 3.1% year-over-year gain, up from 2.8% in the previous month.
Phoenix, Seattle and Tampa reported the highest year-over-year gains among the 20 cities. In January, Phoenix led the way with a 6.9% year-over-year price increase, followed by 5.1% increases in Seattle and Tampa. Fourteen of the 20 cities reported higher price increases in the year ending January 2020 versus the year ending December 2019.
The National Index and 20-City Composite were flat month-over-month, while the 10-City Composite posted a 0.1% decrease before seasonal adjustment in January. After seasonal adjustment, the National Index posted a month-over-month increase of 0.5%, while the 10-City and 20-City Composites both posted 0.3% increases. In January, 10 of 20 cities reported increases before seasonal adjustment while 18 of 20 cities reported increases after seasonal adjustment.
“The trend of stable growth established in 2019 continued into the first month of the new year,” says Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P Dow Jones Indices. “The National Composite Index rose by 3.9% in January 2020, and the 10- and 20-City Composites also advanced (by 2.6% and 3.1% respectively). Results for the month were broad-based, with gains in every city in our 20-City Composite; 14 of the 20 cities saw accelerating prices. As has been the case since mid-2019, after a long period of decelerating price increases, the National, 10-City, and 20-City Composites all rose at a faster rate in January than they had done in December.
Absolute prices chart:
After the data, stock futures moderated their losses. We applaud CNBC for their Truth in News headline “Home prices were strong in January says S&P Case Shiller, before coronavirus hit US economy…” Thank you for good reporting.
eBay has changed (for the worse, in our view) how they index products.
Used to be I could hit “ham radio” and just see what I wanted – new ham radio listings.
No more – they have lumped everything into “Consumer Electronics.” And while I get that it may give SOME people more reason to spend time on the site, people who are “people in motion” don’t have time to run a click festival when doing a quick look. .
If this were the judges table at the Software Olympics the cars would all show zeros for this move.