Oct. 27, 2010
S&P/Case-Shiller Home Price Indices: Home Prices Decreased in 15 of 20 Metro Areas in August
Home Prices in August 2010 at levels of 2003-2004
By David M. Kinchen
Huntingtonnews.net Real Estate Writer
Home prices decreased in 15 of the 20 metropolitan statistical areas (MSAs) and both Composites in August from their July levels, according to the S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices.
Data through August 2010, released Tuesday, Oct. 26, 2010 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 in August compared to what was reported for July 2010.
As of August 2010, average home prices across the United States are back to the levels where they were in late 2003 and early 2004. Measured from June/July 2006 through August 2010, the peak-to-current declines for the 10-City Composite and 20-City Composite are -28.4% and -28.1%, respectively. The improvements from their April 2009 trough are +7.8% and +6.7%, respectively.
“A disappointing report. Home prices broadly declined in August. Seventeen of the 20 cities and both Composites saw a weakening in year-over-year figures, as compared to July, indicating that the housing market continues to bounce along the recent lows,” said David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s. “Over the last four months both the 10- and 20-City Composites show slowing growth, after sustaining consistent gains since their April 2009 troughs.
“The month-over-month growth rates tell the same story," Blitzer added. "Fifteen of the 20 MSAs and the two Composites saw a decline in the month of August as compared to July levels. The 10- and 20-City Composites fell 0.1% and 0.2%, respectively. Indeed, the housing market appears to have stabilized at new lows. At this time, it does not seem that any of the markets are hanging on to the temporary momentum caused by the home buyers’ tax credits.”
In August, 12 of the 20 MSAs posted negative annual growth rates. This is two more than what was reported in July, as Detroit and Miami posted negative annual rates in August. While still negative, three of the 20 MSAs saw improvement in year-over-year growth rates in August as compared to July. They are Charlotte, Cleveland and Las Vegas with annual growth rates of -3.4%, -0.4% and -4.5%, respectively. Annual growth rates slowed down in the three California cities, with Los Angeles, San Diego and San Francisco posting annual gains of +5.4%, +6.9% and +7.8%, respectively – a significant drop from the +7.5%, +9.3% and +11.2% reported for July.
"With August data, we find that 15 of the 20 MSAs and both Composites saw prices fall from their July values," Blitzer said. "Chicago, Detroit, Las Vegas, New York and Washington DC were the only five cities that recorded marginal improvements in home prices over July. The 10- and 20-City Composites were down 0.1% and 0.2%, respectively, in August versus July."
Chicago, Detroit, New York and Washington DC have all posted at least four consecutive months of positive increases in home prices; but none of the MSAs had monthly increases of greater than 1% in August. San Diego, which had posted 15 consecutive months of positive monthly change, recorded a 0.6% drop in average home prices in August. The same is true of Atlanta, Boston, Los Angeles, Miami, Minneapolis, San Francisco, Seattle and the two Composites – they all broke their trend of several consecutive months of positive monthly gains with August’s report.
The table below summarizes the results for August 2010. 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 23 years of history for these data series is available, and can be accessed in full by going to www.homeprice.standardandpoors.com
August 2010 August/July July/June
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)
Atlanta 109.09 -0.8% 0.3% -2.0%
Boston 158.35 -0.3% 0.6% 1.5%
Charlotte 116.60 -0.4% -0.2% -3.4%
Chicago 126.70 0.4% 1.0% -2.9%
Cleveland 107.00 -0.3% 0.0% -0.4%
Dallas 119.41 -1.1% -0.3% -1.7%
Denver 128.57 -0.1% -0.4% -1.2%
Detroit 71.54 0.5% 1.6% -0.1%
Las Vegas 101.03 0.1% -0.8% -4.5%
Los Angeles 175.55 -0.4% 0.3% 5.4%
Miami 147.47 -0.3% 0.7% -1.0%
Minneapolis 126.53 -0.3% 0.7% 2.9%
New York 175.27 0.2% 1.2% 0.1%
Phoenix 108.84 -1.3% -0.6% 0.4%
Portland 147.02 -0.9% -0.3% -2.3%
San Diego 163.99 -0.6% 0.7% 6.9%
San Francisco 142.83 -0.3% 0.5% 7.8%
Seattle 145.93 -0.8% 0.1% -2.4%
Tampa 137.53 -0.5% -0.2% -4.1%
Washington 188.26 0.3% 1.0% 4.8%
Composite-10 162.13 -0.1% 0.8% 2.6%
Composite-20 148.59 -0.2% 0.6% 1.7%
Source: Standard & Poor's and Fiserv
Data through August 2010
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S&P/Case-Shiller Home Price Indices: Home Prices Decreased in 15 of 20 Metro Areas in August
Home Prices in August 2010 at levels of 2003-2004
By David M. Kinchen
Huntingtonnews.net Real Estate Writer
Home prices decreased in 15 of the 20 metropolitan statistical areas (MSAs) and both Composites in August from their July levels, according to the S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices.
Data through August 2010, released Tuesday, Oct. 26, 2010 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 in August compared to what was reported for July 2010.
As of August 2010, average home prices across the United States are back to the levels where they were in late 2003 and early 2004. Measured from June/July 2006 through August 2010, the peak-to-current declines for the 10-City Composite and 20-City Composite are -28.4% and -28.1%, respectively. The improvements from their April 2009 trough are +7.8% and +6.7%, respectively.
“A disappointing report. Home prices broadly declined in August. Seventeen of the 20 cities and both Composites saw a weakening in year-over-year figures, as compared to July, indicating that the housing market continues to bounce along the recent lows,” said David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s. “Over the last four months both the 10- and 20-City Composites show slowing growth, after sustaining consistent gains since their April 2009 troughs.
“The month-over-month growth rates tell the same story," Blitzer added. "Fifteen of the 20 MSAs and the two Composites saw a decline in the month of August as compared to July levels. The 10- and 20-City Composites fell 0.1% and 0.2%, respectively. Indeed, the housing market appears to have stabilized at new lows. At this time, it does not seem that any of the markets are hanging on to the temporary momentum caused by the home buyers’ tax credits.”
In August, 12 of the 20 MSAs posted negative annual growth rates. This is two more than what was reported in July, as Detroit and Miami posted negative annual rates in August. While still negative, three of the 20 MSAs saw improvement in year-over-year growth rates in August as compared to July. They are Charlotte, Cleveland and Las Vegas with annual growth rates of -3.4%, -0.4% and -4.5%, respectively. Annual growth rates slowed down in the three California cities, with Los Angeles, San Diego and San Francisco posting annual gains of +5.4%, +6.9% and +7.8%, respectively – a significant drop from the +7.5%, +9.3% and +11.2% reported for July.
"With August data, we find that 15 of the 20 MSAs and both Composites saw prices fall from their July values," Blitzer said. "Chicago, Detroit, Las Vegas, New York and Washington DC were the only five cities that recorded marginal improvements in home prices over July. The 10- and 20-City Composites were down 0.1% and 0.2%, respectively, in August versus July."
Chicago, Detroit, New York and Washington DC have all posted at least four consecutive months of positive increases in home prices; but none of the MSAs had monthly increases of greater than 1% in August. San Diego, which had posted 15 consecutive months of positive monthly change, recorded a 0.6% drop in average home prices in August. The same is true of Atlanta, Boston, Los Angeles, Miami, Minneapolis, San Francisco, Seattle and the two Composites – they all broke their trend of several consecutive months of positive monthly gains with August’s report.
The table below summarizes the results for August 2010. 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 23 years of history for these data series is available, and can be accessed in full by going to www.homeprice.standardandpoors.com
August 2010 August/July July/June
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)
Atlanta 109.09 -0.8% 0.3% -2.0%
Boston 158.35 -0.3% 0.6% 1.5%
Charlotte 116.60 -0.4% -0.2% -3.4%
Chicago 126.70 0.4% 1.0% -2.9%
Cleveland 107.00 -0.3% 0.0% -0.4%
Dallas 119.41 -1.1% -0.3% -1.7%
Denver 128.57 -0.1% -0.4% -1.2%
Detroit 71.54 0.5% 1.6% -0.1%
Las Vegas 101.03 0.1% -0.8% -4.5%
Los Angeles 175.55 -0.4% 0.3% 5.4%
Miami 147.47 -0.3% 0.7% -1.0%
Minneapolis 126.53 -0.3% 0.7% 2.9%
New York 175.27 0.2% 1.2% 0.1%
Phoenix 108.84 -1.3% -0.6% 0.4%
Portland 147.02 -0.9% -0.3% -2.3%
San Diego 163.99 -0.6% 0.7% 6.9%
San Francisco 142.83 -0.3% 0.5% 7.8%
Seattle 145.93 -0.8% 0.1% -2.4%
Tampa 137.53 -0.5% -0.2% -4.1%
Washington 188.26 0.3% 1.0% 4.8%
Composite-10 162.13 -0.1% 0.8% 2.6%
Composite-20 148.59 -0.2% 0.6% 1.7%
Source: Standard & Poor's and Fiserv
Data through August 2010
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