Keeping you up to date on the latest data releases.
The S&P Case-Shiller national home price index hit a new cyclical low in the first quarter of 2011, posting a seasonally adjusted, year-over-year decline of 5.1 percent. Since the previous quarter, the national index has fallen 4.2 percent. On a monthly basis, the 10-city composite index is down 2.9 percent over the same period, and the 20-city index is down 3.6 percent. Washington, DC, and Seattle were the only two cities to post increases (1.1 percent and 0.1 percent, respectively). In Atlanta, Cleveland, Detroit, and Las Vegas, average home prices are now below their January 2000 levels. Throughout the nation, home prices are now back to their mid-2002 levels.
The Federal Housing Finance Agency (FHFA) also reports that home prices are continuing to fall. Prices are down nearly 20 percent from the early 2007 peak. The decline from February to March was less severe, only 0.3 percent, while year-over-year, it has been quite steep, 5.8 percent. On a seasonally adjusted basis, prices are down 2.5 percent since the previous quarter and 5.5 percent since this time last year. Of the nine Census Divisions, the West South Central and Mountain Divisions experienced the most extreme price movements from February to March. The Mountain Division experienced the largest decline, with a price drop of 3.4 percent. The strongest prices were in the West South Central Division, where they declined only 0.5 percent.