January’s S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index shows that home price growth is unlikely to slow down anytime soon — January 2018’s national index comes in at 196.31, a 6.2 percent year-over-year and a seasonally adjusted 0.5 percent month-over-month increase.

S&P Dow Jones Indices managing director and chairman of the index committee David M. Blitzer says the increase in home prices is due to two factors — low inventory and a low vacancy rate among owner-occupied housing.

“The current months-supply — how many months at the current sales rate would be needed to absorb homes currently for sale — is 3.4; the average since 2000 is 6.0 months, and the high in July 2010 was 11.9,” said Blitzer in a statement. “Currently, the homeowner vacancy rate is 1.6 percent compared to an average of 2.1 percent since 2000; it peaked in 2010 at 2.7 percent.”

“Despite limited supplies, rising prices, and higher mortgage rates, affordability is not a concern,” he added. “Affordability measures published by the National Association of Realtors show that a family with a median income could comfortably afford a mortgage for a median priced home.”

Monthly changes using seasonally adjusted (SA) and nonseasonally adjusted (NSA) data. Source: S&P Dow Jones Indices and CoreLogic

He also noted there are no “weak spots” when it comes to individual markets, and the home price index continues to outpace the national GDP.

“Since the market bottom in December 2012, the S&P Corelogic Case-Shiller National Home Price index has climbed at a 4.7 percent real — inflation adjusted — annual rate,” Blitzer said. “That is twice the rate of economic growth as measured by the GDP.”

“While price gains vary from city to city, there are few, if any, really weak spots. Even Chicago and Washington, the cities with the smallest price gains, saw a 2.4 percent annual increase in home prices.”

10-City and 20-City composite

The 10-City and 20-City composite boasted 0.3 percent year-over-year gains, and the cities of Seattle, Washington; Las Vegas, Nevada; and San Francisco, California; led the way. Seattle reported a 12.9 percent year-over-year price increase, followed by Las Vegas with an 11.1 percent increase.

San Francisco shored up the end of the pack with a 10.2 percent increase.

The 10-City and 20-City composites reported 0.7 and 0.8 seasonally adjusted month-over-month increases, respectively, and no city reported a negative monthly price change.

About S&P CoreLogic Case-Shiller U.S. National Home Price Index

The S&P CoreLogic Case-Shiller U.S. National Home Price Index is a composite of single-family home price indices that is calculated every month; the indices for the nine U.S. Census divisions are calculated using estimates of the aggregate value of single-family housing stock for the time period in question.

The nine divisions are:

  • New England
  • Middle Atlantic
  • East North Central
  • West North Central
  • South Atlantic
  • East South Central
  • West South Central
  • Mountain
  • Pacific

CoreLogic serves as the calculation agent for the S&P CoreLogic Case-Shiller U.S. National Home Price Index.

Email Marian McPherson

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription