Home Prices Rose 10.4% in December, Says Case-Shiller
New York, NY, February 23, 2021-Home prices made a 10.4% annual gain in December, up from 9.5% in the previous month, the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported. The Ten-City Composite annual increase came in at 9.8%, up from 8.9% in the previous month. The 20-City Composite posted a 10.1% year-over-year gain, up from 9.2% in the previous month.
Phoenix, Arizona; Seattle, Washington; and San Diego, California continued to report the highest year-over-year gains among the 19 cities (excluding Detroit, Michigan) in December. Phoenix led the way with a 14.4% year-over-year price increase, followed by Seattle with a 13.6% increase and San Diego with a 13.0% increase. Eighteen of the 19 cities reported higher price increases in the year ending December 2020 versus the year ending November 2020.
Before seasonal adjustment, the U.S. National Index posted a 0.9% month-over-month increase, while the Ten-City and 20-City Composites both posted increases of 0.9% and 0.8% respectively in December. After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 1.3%, while the 10-City and 20-City Composites both posted increases of 1.2% and 1.3% respectively. In December, 18 cities (excluding Detroit) reported increases before seasonal adjustment, while all 19 cities reported increases after seasonal adjustment.