Dennis Norman
Annual Rates of Decline In Home Prices Improving
This morning the S&P/Case-Shiller Index report for January was released showing that home prices in their 10 city and 20 city composite indexes decreased from December, the 10-city index was down 0.2 percent and the 20-city index down 0.4 percent. The 10-city January index was exactly even with January 2009, and the 20-city January index was down 0.7 percent from a year ago. The indexes include the major metropolition areas in the U.S. (details for metros included are in chart that follows).
All 20 metro areas and both Composites showed an improvement in their annual rates of decline with January’s numbers compared to December 2009. As of January 2010, average home prices across the United States are at similar levels to where they were in the autumn of 2003. From the peak in June/July of 2006 through the lowest period in April 2009, the 10-City Composite is down 33.5 percent and the 20-city composite is down 32.6 percent. The peak through January 2010 figures are -30.2 percent and -29.6 percent respectively.
David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s said, “the report is mixed. While we continue to see improvements in the year-over-year data for all 20 cities, the rebound in housing prices seen last fall is fading. Fewer cities experienced month-to-month gains in January than in December 2009, on both a seasonally adjusted and unadjusted basis.”
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