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On a seasonally-adjusted monthly basis the 10- and 20-city S&P Case-Shiller housing price indexes rose 0.1 percent and 0.2 percent, respectively. Annually, the 10-city composite fell 3.6 percent and the 20-city composite fell 3.5 percent, both of which are improvements over January’s annual figures. Neither index has seen a positive annual rate of change since the fall of 2010. Although five of the 20 MSAs posted positive annual returns, both indexes and nine MSAs, including Cleveland (down 4.4 percent), hit new post-crisis lows. Overall the 20-city composite is back to late 2002 levels and the 10-city composite is back to early 2003 levels.
After a downward revision to January’s figures, the FHFA housing price index rose 0.3 percent on a seasonally adjusted basis in February. Over the past 12-months the index has risen 0.5 percent which is the first positive annual rate of change since July 2007. Regionally, annual prices changes ranged from a 2.4 percent decline in the Pacific division to a 3.6 percent increase in the West South Central division. The index remains 19.4 percent below its April 2007 peak and now roughly the same as the January 2004 index level.