July 1, 2009
S&P/CASE-SHILLER INDICES: Home Price Declines Ease Slightly in April; Prices Sink to Mid-2003 Levels
By David M. Kinchen
Huntingtonnews.net Real Estate Writer
The good news from Standard & Poor's for its S&P/Case-Shiller Home Price Indices: Home prices declined slightly less in April than in March, 2009; The bad news: Home prices are at mid-2003 levels, according to the report released Tuesday, June 30, 2009
The 10-City and 20-City Composites declined 18.0 percent and 18.1 percent, respectively, in April compared to the same month in 2008, according to the report. These are improvements over their returns reported for March, down 18.7 percent for both indices. For the past three months, the 10-City and 20-City Composites have recorded an improvement in annual returns. Record annual declines were reported for both indices with their respective January data, -19.4 percent for the 10-City Composite and -19.0 percent for the 20-City Composite.
“The pace of decline in residential real estate slowed in April,” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s. “In addition to the 10-City and 20-City Composites, 13 of the 20 metro areas also saw improvement in their annual return compared to that of March. Furthermore, every metro area, except for Charlotte, NC, recorded an improvement in monthly returns over March. While one month’s data cannot determine if a turnaround has begun; it seems that some stabilization may be appearing in some of the regions. We are entering the seasonally strong period in the housing market, so it will take some time to determine if a recovery is really here."
“The stock market bottomed in March and measures of consumer confidence have turned upward. This report shows that these better spirits are also appearing in the housing market,” Blitzer noted.
As of April 2009, average home prices across the United States are at similar levels to where they were in the middle of 2003. From the peak in the second quarter of 2006, the 10-City Composite is down 33.6 percent and the 20-City Composite is down 32.6 percent.
In terms of annual declines, the three worst performing metropolitan areas continue to be the same three from the Sunbelt. Phoenix was down 35.3 percent in April, Las Vegas declined 32.2 percent and San Francisco fell 28.0 percent.
Denver, Dallas and Boston continue to fare the best in terms of annual declines -- down 4.9 percent, 5.0 percent and 7.7 percent, respectively. Charlotte, Chicago, Cleveland, New York, Portland and Seattle posted record annual declines in April. For the month Dallas was the best performer returning +1.7%, while Las Vegas was the worst performer down 3.5%.
Looking at the data from relative peaks-through-April 2009, Dallas has suffered the least, down 9.6 percent from its peak in June 2007; while Phoenix is down 54.1 percent from its peak in June of 2006.
Excluding Dallas, all of the 20 metro areas are in double digit declines from their peaks, with 10 of the metro areas posting declines of greater than 30 percent and two of those – Phoenix and Las Vegas – in excess of 50 percent.
The table below summarizes the results for April 2009. The S&P/Case-Shiller Home Price Indices are revised for the 24 prior months, based on the receipt of additional source data. More than 21 years of history for these data series is available, and can be accessed in full by going to www.homeprice.standardandpoors.com
April 2009 April/March March/February
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)
Atlanta 105.36 0.3% -1.5% -14.8%
Boston 146.45 0.4% -2.0% -7.7%
Charlotte 118.69 -0.5% 0.3% -10.0%
Chicago 122.30 0.0% -3.1% -18.7%
Cleveland 98.07 1.2% -0.9% -10.5%
Dallas 114.39 1.7% 0.1% -5.0%
Denver 122.17 1.5% 0.1% -4.9%
Detroit 69.92 -1.5% -4.9% -25.4%
Las Vegas 112.39 -3.5% -3.8% -32.2%
Los Angeles 159.37 -0.9% -1.4% -21.3%
Miami 145.77 -2.0% -3.6% -27.3%
Minneapolis 108.63 -0.7% -5.9% -22.1%
New York 170.33 -1.7% -2.6% -12.5%
Phoenix 104.45 -2.2% -4.5% -35.3%
Portland 146.85 -0.6% -2.1% -16.0%
San Diego 144.43 -0.1% -1.5% -20.0%
San Francisco 118.46 0.6% -2.2% -28.0%
Seattle 149.38 0.2% -2.0% -16.8%
Tampa 140.41 -0.7% -2.7% -21.3%
Washington 167.30 0.8% -1.3% -16.9%
Composite-10 150.34 -0.7% -2.1% -18.0%
Composite-20 139.18 -0.6% -2.2% -18.1%
Source: Standard & Poor's and Fiserv
Data through April 2009
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S&P/CASE-SHILLER INDICES: Home Price Declines Ease Slightly in April; Prices Sink to Mid-2003 Levels
By David M. Kinchen
Huntingtonnews.net Real Estate Writer
The good news from Standard & Poor's for its S&P/Case-Shiller Home Price Indices: Home prices declined slightly less in April than in March, 2009; The bad news: Home prices are at mid-2003 levels, according to the report released Tuesday, June 30, 2009
The 10-City and 20-City Composites declined 18.0 percent and 18.1 percent, respectively, in April compared to the same month in 2008, according to the report. These are improvements over their returns reported for March, down 18.7 percent for both indices. For the past three months, the 10-City and 20-City Composites have recorded an improvement in annual returns. Record annual declines were reported for both indices with their respective January data, -19.4 percent for the 10-City Composite and -19.0 percent for the 20-City Composite.
“The pace of decline in residential real estate slowed in April,” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s. “In addition to the 10-City and 20-City Composites, 13 of the 20 metro areas also saw improvement in their annual return compared to that of March. Furthermore, every metro area, except for Charlotte, NC, recorded an improvement in monthly returns over March. While one month’s data cannot determine if a turnaround has begun; it seems that some stabilization may be appearing in some of the regions. We are entering the seasonally strong period in the housing market, so it will take some time to determine if a recovery is really here."
“The stock market bottomed in March and measures of consumer confidence have turned upward. This report shows that these better spirits are also appearing in the housing market,” Blitzer noted.
As of April 2009, average home prices across the United States are at similar levels to where they were in the middle of 2003. From the peak in the second quarter of 2006, the 10-City Composite is down 33.6 percent and the 20-City Composite is down 32.6 percent.
In terms of annual declines, the three worst performing metropolitan areas continue to be the same three from the Sunbelt. Phoenix was down 35.3 percent in April, Las Vegas declined 32.2 percent and San Francisco fell 28.0 percent.
Denver, Dallas and Boston continue to fare the best in terms of annual declines -- down 4.9 percent, 5.0 percent and 7.7 percent, respectively. Charlotte, Chicago, Cleveland, New York, Portland and Seattle posted record annual declines in April. For the month Dallas was the best performer returning +1.7%, while Las Vegas was the worst performer down 3.5%.
Looking at the data from relative peaks-through-April 2009, Dallas has suffered the least, down 9.6 percent from its peak in June 2007; while Phoenix is down 54.1 percent from its peak in June of 2006.
Excluding Dallas, all of the 20 metro areas are in double digit declines from their peaks, with 10 of the metro areas posting declines of greater than 30 percent and two of those – Phoenix and Las Vegas – in excess of 50 percent.
The table below summarizes the results for April 2009. The S&P/Case-Shiller Home Price Indices are revised for the 24 prior months, based on the receipt of additional source data. More than 21 years of history for these data series is available, and can be accessed in full by going to www.homeprice.standardandpoors.com
April 2009 April/March March/February
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)
Atlanta 105.36 0.3% -1.5% -14.8%
Boston 146.45 0.4% -2.0% -7.7%
Charlotte 118.69 -0.5% 0.3% -10.0%
Chicago 122.30 0.0% -3.1% -18.7%
Cleveland 98.07 1.2% -0.9% -10.5%
Dallas 114.39 1.7% 0.1% -5.0%
Denver 122.17 1.5% 0.1% -4.9%
Detroit 69.92 -1.5% -4.9% -25.4%
Las Vegas 112.39 -3.5% -3.8% -32.2%
Los Angeles 159.37 -0.9% -1.4% -21.3%
Miami 145.77 -2.0% -3.6% -27.3%
Minneapolis 108.63 -0.7% -5.9% -22.1%
New York 170.33 -1.7% -2.6% -12.5%
Phoenix 104.45 -2.2% -4.5% -35.3%
Portland 146.85 -0.6% -2.1% -16.0%
San Diego 144.43 -0.1% -1.5% -20.0%
San Francisco 118.46 0.6% -2.2% -28.0%
Seattle 149.38 0.2% -2.0% -16.8%
Tampa 140.41 -0.7% -2.7% -21.3%
Washington 167.30 0.8% -1.3% -16.9%
Composite-10 150.34 -0.7% -2.1% -18.0%
Composite-20 139.18 -0.6% -2.2% -18.1%
Source: Standard & Poor's and Fiserv
Data through April 2009
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