Home Prices Extend Gains According to the S&P/Case-Shiller Home Price Indices

Tue Jan 29, 2013 9:47am EST

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NEW YORK,  Jan. 29, 2013  /PRNewswire/ -- Data through  November 2012, released
today by S&P Dow Jones Indices for its S&P/Case-Shiller1  Home Price Indices,
the leading measure of U.S. home prices, showed home prices rose 4.5% for the
10-City Composite and 5.5% for the 20-City Composite in the 12 months ending in 
November 2012.

In the 12 months ended in November, prices rose in 19 of the 20 cities and fell
in New York.  In 19 cities prices rose faster in the 12 months to November than
in the 12 months to October;  Cleveland  prices rose at the same pace in both
time periods.   Phoenix  led with the fastest price rise - up 22.8% in 12 months
as it posted its seventh consecutive month of double-digit annual returns.  

In  November 2012, the 10- and 20-City Composites posted respective annual
increases of 4.5% and 5.5%, and monthly declines of 0.2% and 0.1%.  

"The November monthly figures were stronger than October, with 10 cities seeing
rising prices versus seven the month before." says  David M. Blitzer, Chairman
of the Index Committee at S&P Dow Jones Indices. "Phoenix  and  San Francisco 
were both up 1.4% in November followed by  Minneapolis  up 1.0%. On the down
side,  Chicago  was again amongst the weakest with a drop of 1.3% for November.

"Winter is usually a weak period for housing which explains why we now see about
half the cities with falling month-to-month prices compared to 20 out of 20
seeing rising prices last summer.  The better annual price changes also point to
seasonal weakness rather than a reversal in the housing market. Further evidence
that the weakness is seasonal is seen in the seasonally adjusted figures: only 
New York  saw prices fall on a seasonally adjusted basis while  Cleveland  was
flat.  

Regional patterns are shifting as well. The Southwest -  Las Vegas  and  Phoenix
 - are staging a strong comeback with the Southeast --  Miami  and  Tampa  close
behind.  The sunbelt, which bore the brunt of the housing collapse, is back in a
leadership position.   California  is also doing well while the northeast and
industrial Midwest is lagging somewhat.  

"Housing is clearly recovering. Prices are rising as are both new and existing
home sales. Existing home sales in November were 5.0 million, highest since 
November 2009. New Home sales at 398,000 were the highest since June 2010.  
These figures confirm that housing is contributing to economic growth.  

As of  November 2012, average home prices across  the United States  are back to
their autumn 2003 levels for both the 10-City and 20-City Composites. Measured
from their June/July 2006  peaks, the decline for both Composites is
approximately 30% through November 2012.  In  November 2012, the recovery for
both Composites from their recent lows in early 2012 was approximately 8-9%.  

In  November 2012, 10 cities and both Composites posted negative monthly
returns.  Atlanta,  Denver,  Las Vegas,  Los Angeles,  Miami,  Minneapolis, 
Phoenix,  San Diego,  San Francisco  and  Seattle  were the ten MSAs to post
positive month-over-month returns.  

In the context of monthly changes,  Boston,  Chicago  and  New York  have fared
the worst - with more than six months of declining prices in the past 12 months.
 

More than 25 years of history for these data series are available, and can be
accessed in full by going to  www.homeprice.standardandpoors.com. Additional
content on the housing market may also be found on S&P Dow Jones Indices'
housing blog:  www.housingviews.com.

The table below summarizes the results for  November 2012. The S&P/Case-Shiller
Home Price Indices are revised for the 24 prior months, based on the receipt of
additional source data.

                    November 2012   November/October  October/September                     
 Metropolitan Area  Level           Change (%)        Change (%)         1-Year Change (%)  
 Atlanta            95.68           0.1%              -0.5%              7.6%               
 Boston             153.74          -0.9%             -1.4%              2.3%               
 Charlotte          115.41          -0.3%             -0.4%              5.1%               
 Chicago            113.35          -1.3%             -1.6%              0.8%               
 Cleveland          100.68          -0.8%             -0.6%              1.8%               
 Dallas             120.55          -0.1%             -0.7%              5.7%               
 Denver             134.50          0.4%              0.0%               7.8%               
 Detroit            80.33           -0.3%             0.9%               11.9%              
 Las Vegas          100.56          0.4%              2.8%               10.0%              
 Los Angeles        176.58          0.4%              0.6%               7.7%               
 Miami              151.13          0.8%              -0.2%              9.9%               
 Minneapolis        126.41          1.0%              -0.5%              11.1%              
 New York           162.86          -1.1%             -0.8%              -1.2%              
 Phoenix            124.16          1.4%              1.4%               22.8%              
 Portland           142.13          -0.2%             0.9%               6.7%               
 San Diego          163.58          0.9%              1.3%               8.0%               
 San Francisco      146.23          1.4%              0.7%               12.7%              
 Seattle            142.53          0.5%              -0.2%              7.4%               
 Tampa              133.77          -0.2%             -0.5%              6.8%               
 Washington         189.11          -0.6%             -0.8%              4.4%               
 Composite-10       158.28          -0.2%             -0.2%              4.5%               
 Composite-20       145.82          -0.1%             -0.2%              5.5%               
 Source: S&P Dow Jones Indices and Fiserv                                                     
 Data through November 2012                                                                  


Since its launch in early 2006, the S&P/Case-Shiller Home Price Indices have
published, and the markets have followed and reported on, the non-seasonally
adjusted data set used in the headline indices. For analytical purposes, S&P Dow
Jones Indices publishes a seasonally adjusted data set covered in the headline
indices, as well as for the 17 of 20 markets with tiered price indices and the
five condo markets that are tracked.

A summary of the monthly changes using the seasonally adjusted (SA) and
non-seasonally adjusted (NSA) data can be found in the table below.

                    November/October Change (%)      October/September Change (%)       
 Metropolitan Area  NSA             SA              NSA              SA               
 Atlanta            0.1%            1.6%            -0.5%            1.4%             
 Boston             -0.9%           0.1%            -1.4%            -0.3%            
 Charlotte          -0.3%           0.3%            -0.4%            0.4%             
 Chicago            -1.3%           0.1%            -1.6%            -0.7%            
 Cleveland          -0.8%           0.0%            -0.6%            0.2%             
 Dallas             -0.1%           0.8%            -0.7%            0.3%             
 Denver             0.4%            1.1%            0.0%             0.6%             
 Detroit            -0.3%           1.0%            0.9%             1.8%             
 Las Vegas          0.4%            1.0%            2.8%             2.4%             
 Los Angeles        0.4%            0.8%            0.6%             1.2%             
 Miami              0.8%            0.7%            -0.2%            0.4%             
 Minneapolis        1.0%            1.9%            -0.5%            0.5%             
 New York           -1.1%           -0.3%           -0.8%            -0.5%            
 Phoenix            1.4%            1.5%            1.4%             1.3%             
 Portland           -0.2%           0.6%            0.9%             0.9%             
 San Diego          0.9%            1.5%            1.3%             1.6%             
 San Francisco      1.4%            2.5%            0.7%             1.2%             
 Seattle            0.5%            1.1%            -0.2%            0.3%             
 Tampa              -0.2%           0.4%            -0.5%            0.1%             
 Washington         -0.6%           0.3%            -0.8%            0.0%             
 Composite-10       -0.2%           0.5%            -0.2%            0.5%             
 Composite-20       -0.1%           0.6%            -0.2%            0.6%             
 Source: S&P Dow Jones Indices and Fiserv                                               
 Data through November 2012                                                            


About S&P Dow Jones Indices  
S&P Dow Jones Indices LLC, a subsidiary of The McGraw-Hill Companies is the
world's largest, global resource for index-based concepts, data and research.
Home to iconic financial market indicators, such as the S&P 500®  and the Dow
Jones Industrial AverageSM, S&P Dow Jones Indices LLC has over 115 years of
experience constructing innovative and transparent solutions that fulfill the
needs of institutional and retail investors. More assets are invested in
products based upon our indices than any other provider in the world. With over
830,000 indices covering a wide range of assets classes across the globe, S&P
Dow Jones Indices LLC defines the way investors measure and trade the markets.
To learn more about our company, please visit  www.spdji.com.  

It is not possible to invest directly in an index. S&P Dow Jones Indices LLC,
Dow Jones, and their respective affiliates, parents, subsidiaries, directors,
officers, shareholders, employees and agents (collectively "S&P Dow Jones
Indices") does not sponsor, endorse, sell, or promote any investment fund or
other vehicle that is offered by third parties and that seeks to provide an
investment return based on the returns of any S&P Dow Jones Indices index. This
document does not constitute an offer of services in jurisdictions where S&P Dow
Jones Indices or its affiliates do not have the necessary licenses. S&P Dow
Jones Indices receives compensation in connection with licensing its indices to
third parties.

STANDARD & POOR'S and S&P are registered trademarks of Standard & Poor's
Financial Services LLC.  "Dow Jones" is a registered trademark of Dow Jones
Trademark Holdings LLC ("Dow Jones").

For more information:

Dave Guarino
Communications  
S&P Dow Jones Indices  
dave_guarino@spdji.com
201-755- 5334

David Blitzer
Managing Director and Chairman of the Index Committee  
S&P Dow Jones Indices  
david_blitzer@spdji.com
917-376-1204

S&P Dow Jones Indices has introduced a new blog called HousingViews.com. This
interactive blog delivers real-time commentary and analysis from across the
Standard & Poor's organization on a wide-range of topics impacting residential
home prices, homebuilding and mortgage financing in  the United States. Readers
and viewers can visit the blog at  www.housingviews.com, where feedback and
commentary is certainly welcomed and encouraged.

The S&P/Case-Shiller Home Price Indices are published on the last Tuesday of
each month at  9:00 am ET. They are constructed to accurately track the price
path of typical single-family homes located in each metropolitan area provided.
Each index combines matched price pairs for thousands of individual houses from
the available universe of arms-length sales data. The S&P/Case-Shiller  

National U.S. Home Price Index tracks the value of single-family housing within 
the United States. The index is a composite of single-family home price indices
for the nine U.S. Census divisions and is calculated quarterly. The
S&P/Case-Shiller Composite of 10 Home Price Index is a value-weighted average of
the 10 original metro area indices. The S&P/Case-Shiller Composite of 20 Home
Price Index is a value-weighted average of the 20 metro area indices. The
indices have a base value of 100 in  January 2000; thus, for example, a current
index value of 150 translates to a 50% appreciation rate since  January 2000 
for a typical home located within the subject market.

These indices are generated and published under agreements between S&P Dow Jones
Indices and Fiserv, Inc.

The S&P/Case-Shiller Home Price Indices are produced by Fiserv, Inc. In addition
to the S&P/Case-Shiller Home Price Indices, Fiserv also offers home price index
sets covering thousands of zip codes, counties, metro areas, and state markets.
The indices, published by S&P Dow Jones Indices, represent just a small subset
of the broader data available through Fiserv.

For more information about S&P Dow Jones Indices,  please visit 
www.spindices.com.

1Case-Shiller®  and Case-Shiller Indexes®  are registered trademarks of Fiserv,
Inc.

SOURCE  S&P Dow Jones Indices

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