Keeping you up to date on the latest data releases.
U.S. home prices continue to chart an indecisive path toward stabilization, aided by the government’s temporary home-buyer tax credit, with mixed performance in the monthly, quarterly, and year-over-year figures. The national S&P/Case-Shiller Home Price Index declined 1.3 percent in the first quarter, ending a chain of three consecutive increases. However, year-over-year growth in the index was positive for the first time in over three years, at 2.1 percent. The monthly 10-city index advanced 0.2 percent in March, continuing gains begun last June, and the 20-city index was flat after slipping a slight 0.1 percent in February.
The FHFA Purchase-Only House Price Index also fell in the first quarter (by 1.9 percent), resuming the faster pace of decline seen in 2008. Year-over-year growth in the index dropped back from −1.5 percent to −3.1 percent following four quarters of progress toward positive territory. The monthly index, meanwhile, posted a 0.3 percent increase in March after three straight months of decline.