The S&P CoreLogic Case-Shiller May 2021 numbers have just been released—and once again—San Diego, Phoenix and Seattle reported the highest year-over-year gains among the top 20 cities surveyed.
Phoenix led the way with a 25.9 percent year-over-year price increase, followed by San Diego with a 24.7 percent increase and Seattle with a 23.4 percent increase. According to the data, all 20 cities reported higher price increases in the year ending May 2021 versus the year ending April 2021.
The 20-City Composite posted a 17 percent year-over-year gain, and a 15 percent increase between April and May 2021.
Last week, the California Association of Realtors monthly report showed San Diego had a median home price was $865,000 in June 2021, up from $851,000 in May 2021.
“A month ago, I described April’s performance as “truly extraordinary,” and this month I find myself running out of superlatives,” said Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P DJI. “As was the case last month, five cities—Charlotte, Cleveland, Dallas, Denver, and Seattle—joined the National Composite in recording their all-time highest 12-month gains. Price gains in all 20 cities were in the top quartile of historical performance; in 17 cities, price gains were in top decile.”
Lazzara also notes that Phoenix’s increase led all cities for the 24th consecutive month, with San Diego and Seattle close behind. As was the case last month, prices were strongest in the West and Southwest.
Elsewhere in the report, Los Angeles landed a modest 2.1 percent month-over-month increase, while jumping 17 percent ahead of May 2020. San Francisco saw a 2.6 percent monthly increase, and an 18.2 percent year-over-year bump.