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S&P/Case-Shiller Home Price Indices Show Decline in National Home Prices

by Chicago Agent

Data through November 2010, released yesterday by Standard & Poor’s for its S&P/Case-Shiller Home Price Indices, show a deceleration in the annual growth rates in 17 of the 20 MSAs and the 10- and 20-City Composites compared to what was reported for October 2010.

“Looking at the monthly statistics, 19 of 20 MSAs and both Composites were down in November over October. Thirteen of the MSAs and the 20-City Composite fell by 1.0% or more in November,” says David M. Blitzer, chairman of the Index Committee at Standard & Poor’s. “While not always consecutive months, 13 of the MSAs and both composites have posted at least seven months of decline since the beginning of 2010. These markets saw home prices fall more than half the months reported in 2010 so far.”

Businessman holding door open to gold house of cards

Image by Pulse/Corbis

The 10-City Composite was down 0.4% and the 20-City Composite fell 1.6% from their November 2009 levels. Home prices fell in 19 of 20 MSAs and both Composites in November from their October levels. In November, only four MSAs – Los Angeles, San Diego, San Francisco and Washington DC – showed year-over-year gains.

The Composite indices remain above their spring 2009 lows; however, eight markets – Atlanta, Charlotte, Detroit, Las Vegas, Miami, Portland (OR), Seattle and Tampa – hit their lowest levels since home prices peaked in 2006 and 2007, meaning that average home prices in those markets have fallen even further than the lows set in the spring of 2009.

In Chicago during November, the home price index was stated at 119.57, down 2.2 percent from October. The Chicago market was down 7.6 percent from November of 2009.

For more information about S&P Indices, please visit www.StandardAndPoors.com/Indices.

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