San Diego Case Shiller Index, Feb

April 26, 2022

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The February month-over-month increase was the highest ever, but it feels like ancient history:

San Diego Non-Seasonally-Adjusted CSI changes

Observation Month	SD CSI	M-o-M chg	Y-o-Y chg
Jan ’20	264.04	+0.2%	+5.1%
Feb	265.34	+0.5%	+4.6%
Mar	269.63	+1.6%	+5.2%
Apr	272.48	+1.1%	+5.8%
May	273.51	+0.4%	+5.2%
Jun	274.91	+0.5%	+5.0%
Jul	278.00	+1.1%	+5.4%
Aug	283.06	+1.8%	+7.6%
Sep	288.11	+1.8%	+9.4%
Oct	292.85	+1.6%	+11.5%
Nov	295.64	+1.0%	+12.3%
Dec	297.52	+0.6%	+13.0%
Jan ’21	301.72	+1.4%	+14.3%
Feb	310.62	+2.9%	+17.1%
Mar	320.81	+3.3%	+19.1%
Apr	331.47	+3.3%	+21.6%
May	341.05	+2.9%	+24.7%
Jun	349.78	+2.6%	+27.2%
Jul	355.33	+1.6%	+27.8%
Aug	357.11	+0.5%	+26.2%
Sep	359.88	+0.8%	+24.9%
Oct	363.80	+1.1%	+24.2%
Nov	367.62	+1.1%	+24.3%
Dec	374.48	+1.8%	+25.9%
Jan ’22	383.92	+2.5%	+27.2%
Feb	401.45	+4.6%	+29.2%

“U.S. home prices continued to advance at a very rapid pace in February,” says Craig J. Lazzara, Managing Director at S&P DJI. “The National Composite Index recorded a gain of 19.8% for the 12 months ended February 2022; the 10- and 20-City Composites rose 18.6% and 20.2%, respectively. All three composites reflect an acceleration of price growth relative to January’s level.

“The macroeconomic environment is evolving rapidly and may not support extraordinary home price growth for much longer. The post-COVID resumption of general economic activity has stoked inflation, and the Federal Reserve has begun to increase interest rates in response. We may soon begin to see the impact of increasing mortgage rates on home prices.”

(The San Diego seasonally-adjusted index was 404.45)