Keeping you up to date on the latest data releases.
The S&P/Case-Shiller monthly house price indexes continued to fall, with the 10-city and 20-city composite indexes declining 0.85 percent and 0.96 percent, respectively. December’s report marks the indexes’ fifth consecutive decline, with the 10-city and 20-city year-over-year growth rates falling deeper into negative territory and down 1.2 percent and 2.4 percent, respectively. There were only two metro areas in December’s report that showed year-over-year price growth—San Diego and Washington. The weakness in the indexes was attributed to the expiration of the homebuyer tax credit and the exhaustion of the positive momentum that the incentive had generated.
The monthly FHFA house price index declined for the second consecutive month in December, falling 0.3 percent from its November level. On a year-over-year basis, the index declined 3.4 in December, which was an improvement over November’s year-over-year decline of 4.6 percent. The decline in the index was attributed to lingering unemployment and large inventories of for-sale homes.