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Case-Shiller report says 2012 home prices off to rocky start

dennis-norman-home-prices-realtorThis morning, the S&P/Case-Shiller Index report for January was released which showed both the 10-city and 20-city composites, after both hitting record low levels in December, fell further in January. The 10-city and 20-city composites saw annual price decline of 3.9 percent and 3.8 percent respectively and both saw price declines of 0.8 percent in January from December.

Report highlights:

  • The 10- and 20- City Composites and eight cities – Atlanta, Chicago, Cleveland, Las Vegas, New York, Portland, Seattle and Tampa hit new lows.
  • Detroit and Phoenix, two cities that have suffered massive price declines, plus Denver, saw increasing prices from a year ago.
  • January 2011. The 10-City Composite was down 3.9% and the 20-City was down 3.8% compared to January 2011.
  • Home prices in Atlanta are particularly week – they were down 2.1 percent from the prior month and have fallen by a cumulative 19.7% over the last six months. It also posted the worst annual return, down 14.8%. Seven of the cities were down by 1.0% or more over the month.
  • With the new lows, both Composites are now 34.4 percent off their relative 2006 peaks.”

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Source: Case Shiller

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