Data through March 2010, released today by Standard & Poor’s for its S&P/Case-Shiller Home Price Indices show that the U.S. National Home Price Index fell 3.2 percent in the first quarter of 2010, but remains above its year-earlier level. However, the comparison is to an absolutely horrible year last year, so a 3.2 percent increase from that level does not indicate much strength in housing. In March, 13 of the 20 cities covered by S&P/Case-Shiller Home Price Indices and both monthly composites were down, although the two composites and 10-city index showed year-over-year gains. Housing prices rebounded from crisis lows, but recently have seen renewed weakness as tax incentives are ending and foreclosures are climbing.
Detroit was down the most (-4.10 percent), followed by Minneapolis (-2.70 percent), and Chicago (-2.33 percent). Only six cities saw month-over-month increases from February to March—Seattle, Dallas, Denver, Cleveland, San Diego, and San Francisco. The 10-city index was up 3.16 percent from 3/09 to 3/10. The 20-city index was up 2.36 percent.
San Francisco and San Diego have made nice comebacks over the last year, both gaining more than 10 percent. DC, LA, Minneapolis, and Cleveland are all up more than 5 percent over the last year as well. Las Vegas continues to have the weakest year-over-year numbers, but it has come back from -30 percent readings to its current level of -11.90 percent.
For more information, please click on the “Housing Statistics” page on the menu bar at the top of the blog.
Gregg D. Killoren
victoria1014
