House Prices Rise

Data released by Standard & Poor’s indicates that house prices rose over the month of January 2014. According to the release, both the S&P/Case-Shiller 10-City Index and the S&P/Case-Shiller 20-City Index rose by 0.8% on a seasonally adjusted basis over the month of January 2014. This marks the 23rd consecutive month-over-month increase in both the seasonally adjusted 10-City Index and the seasonally adjusted 20-City Index. Over this 23-month period, the 10-City Index has grown by 22.0% and the 20-City Index has risen by 22.6%.

Data from the Federal Housing Finance Agency (FHFA) confirms the monthly rise in national house prices. Over the month of January 2014, the FHFA House Price Index – Purchase Only rose by a seasonally adjusted rate of 0.5%. According to the release, this is the 23rd monthly increase in the past 24 months. Over this two-year period house prices have increased by 14.1%.

According to the figure below, 8 of the 9 Census Divisions recorded month-over-month house price increases. Only the West South Central part of the country, which includes states such as Oklahoma and Louisiana, experienced a decline. Meanwhile, monthly house price growth was led by the Middle Atlantic, New England, and West North Central areas of the country. The figure below also illustrates that despite the above average monthly gains, these 3 regions of country registered below average year-over-year increases; with the Middle Atlantic and New England regions of the country experiencing the smallest year-over-year price increases amongst the 9 Census Divisions.

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For full histories of the composites and 20 markets included in the Case-Shiller composites, click here.

For full histories of the FHFA US and 9 Census divisions, click here.



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