HOUSING PRICES - SOUTHWEST

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DENVER MSA

HPI Price Walk - All Tiers:

2000 to Peak: Home prices rose only 40%, or 5.2% annualized.

Peak to Trough: Decline of 14%, or (6.2)% annualized.

Trough to Current: Home prices rapidly rising - up 81%, or 8.1% annualized.

Current from Peak: Home prices are now 55% above peak.

HPI Price Walk - Low Tier:

2000 to Peak: Home prices rose only 39%, or 5.7% annualized.

Peak to Trough: Decline of 22%, or (7.3)% annualized.

Trough to Current: Home prices rapidly rising - up 137%, or 8.7% annualized.

Current from Peak: Home prices are now 85% above peak.

Trends in Yearly Home Prices:  Surge than moderate rises in home prices prior to Great Recession. Moderate declines in home prices during Great Recession. Home prices in sustained period of strong increases.

Trends in Yearly Home Prices: Surge than moderate rises in home prices prior to Great Recession. Moderate declines in home prices during Great Recession. Home prices in sustained period of strong increases.

HPI Tiers:   All price tiers show significant increases.  All price tiers are well above pre-recession peaks.  Most notable is the steep rise in the lowest price tier.

HPI Tiers:

All price tiers show significant increases. All price tiers are well above pre-recession peaks. Most notable is the steep rise in the lowest price tier.

Home Affordability: Home affordability is more costly than U.S. averages.

Home "P/E" ratio = 4.6X. Median home purchase is 4.6X median family income compared to 3.7X for U.S.

HOI = 42.9%. Only ~43% of families can afford median priced home (NAHB HOI). Home affordability has been deteriorating.

HPI vs. CPI:   No noticeable price run-up pre-recession; modest decline experienced with brief trough period. Price increases since have been quite rapid and home prices are now well above prior peak.

HPI vs. CPI:

No noticeable price run-up pre-recession; modest decline experienced with brief trough period. Price increases since have been quite rapid and home prices are now well above prior peak.


DALLAS MSA

HPI Price Walk:

2000 to Peak: Home prices rose only 26%, or 3.2% annualized.

Peak to Trough: Decline of 11%, or (7.1)% annualized.

Trough to Current: Home prices rapidly rising - up 68%, or 7.3% annualized.

Current from Peak: Home prices are now 49% above peak.

 
Trends in Yearly Home Prices:  Modest rises in home prices prior to Great Recession. Modest declines in home prices during Great Recession. Followed by sustained period of strong price gains.

Trends in Yearly Home Prices: Modest rises in home prices prior to Great Recession. Modest declines in home prices during Great Recession. Followed by sustained period of strong price gains.

HPI vs. CPI:   No noticeable price run-up pre-recession; modest decline experienced with brief trough period. Price increases since have been quite dramatic - especially compared to prior peak.

HPI vs. CPI:

No noticeable price run-up pre-recession; modest decline experienced with brief trough period. Price increases since have been quite dramatic - especially compared to prior peak.

HPI Tiers:    There is no tiered HPI data available for this MSA.

HPI Tiers:

There is no tiered HPI data available for this MSA.

Home Affordability: Home affordability is near the U.S. averages.

Home "P/E" ratio = 3.8X. Median home purchase is ~4X median family income compared to 3.7X for U.S.

HOI = 45.5%. Only ~46% of families can afford median priced home (NAHB HOI).


LAS VEGAS MSA

HPI Price Walk - All Tiers:

2000 to Peak: Home prices nearly 2.4X, or 13.0% annualized.

Peak to Trough: Decline of 62%, or (17.1)% annualized.

Trough to Current: Home prices rising and up 112% - but only recover portion of price losses; or 10.6% annualized.

Current from Peak: Home prices are remain (19)% below peak.

HPI Price Walk - Low Tier:

2000 to Peak: Home prices nearly 2.4X, or 13.6% annualized.

Peak to Trough: Decline of 70%, or (21.2)% annualized.

Trough to Current: Home prices rising and up 207% - but only recover portion of price losses; or 16.5% annualized.

Current from Peak: Home prices are remain (9)% below peak.

Trends in Yearly Home Prices:  Extraordinary rapid rises in home prices prior to Great Recession. Significant declines in home prices during Great Recession. Strong bounce-back spike in home prices followed by moderate but increasing price gains.

Trends in Yearly Home Prices: Extraordinary rapid rises in home prices prior to Great Recession. Significant declines in home prices during Great Recession. Strong bounce-back spike in home prices followed by moderate but increasing price gains.

HPI Tiers:   All price tiers show strong increases. All price tiers remain significantly below their prior peaks - most dramatic of all MSAs reported. Low price tier beginning to exhibit more rapid price increases.

HPI Tiers:

All price tiers show strong increases. All price tiers remain significantly below their prior peaks - most dramatic of all MSAs reported. Low price tier beginning to exhibit more rapid price increases.

Home Affordability: Home affordability is slightly more costly than U.S. averages.

Home "P/E" ratio = 4.4X. Median home purchase is +4X median family income compared to 3.7X for U.S.

HOI = 47.6%. ~48% of families can afford median priced home (NAHB HOI).

HPI vs. CPI:   Steepness of the price ascent and descent during pre-recession and in recession exemplifies the housing price collapse. Long sustained trough. With recent steady increases, home values now positive to CPI inflation measure. The housing recession hit hard and Las Vegas remains with a significant level of homes with negative equity (per CoreLogic report = +9% of all homes with mortgages are underwater).

HPI vs. CPI:

Steepness of the price ascent and descent during pre-recession and in recession exemplifies the housing price collapse. Long sustained trough. With recent steady increases, home values now positive to CPI inflation measure. The housing recession hit hard and Las Vegas remains with a significant level of homes with negative equity (per CoreLogic report = +9% of all homes with mortgages are underwater).


PHOENIX MSA

HPI Price Walk - All Tiers:

2000 to Peak: Home prices nearly 2.3X, or 12.9% annualized.

Peak to Trough: Decline of 56%, or (15.5)% annualized.

Trough to Current: Home prices rising and up 87% - but only recover portion of price losses; or 8.5% annualized.

Current from Peak: Home prices are remain (18)% below peak.

HPI Price Walk - Low Tier:

2000 to Peak: Home prices nearly 2.4X, or 13.5% annualized.

Peak to Trough: Decline of 71%, or (44.2)% annualized.

Trough to Current: Home prices rising and up 207% - but only recover portion of price losses; or 11.5% annualized.

Current from Peak: Home prices are remain (11)% below peak.

Trends in Yearly Home Prices:  Extraordinary and rapid rises in home prices prior to Great Recession. Significant declines in home prices during Great Recession. Strong bounce-back spike in home prices followed by moderate price gains.

Trends in Yearly Home Prices: Extraordinary and rapid rises in home prices prior to Great Recession. Significant declines in home prices during Great Recession. Strong bounce-back spike in home prices followed by moderate price gains.

HPI Tiers:   All price tiers showing increases but of varying degrees. All price tiers remain significantly below peaks. Lower tier is starting to exhibit more rapid price rises.

HPI Tiers:

All price tiers showing increases but of varying degrees. All price tiers remain significantly below peaks. Lower tier is starting to exhibit more rapid price rises.

Home Affordability: Home affordability is at U.S. averages.

Home "P/E" ratio = 4.0X. Median home purchase is 4X median family income compared to 3.5X for U.S.

HOI = 56.6%. ~57% of families can afford median priced home (NAHB HOI).

HPI vs. CPI:   Steepness of the price ascent and descent during pre-recession and in recession exemplifies the housing price collapse. Long sustained trough. With recent steady increases, home values now positive to CPI inflation measure.

HPI vs. CPI:

Steepness of the price ascent and descent during pre-recession and in recession exemplifies the housing price collapse. Long sustained trough. With recent steady increases, home values now positive to CPI inflation measure.