Home Prices Fall in 19 of 20 Markets

By Inman News, Tuesday, December 27, 2011

Home prices fell from September to October in 19 of 20 markets tracked by the S&P/Case-Shiller 20-City Composite Home Price Index, with prices in Atlanta and Las Vegas hitting new lows and Midwest markets including Detroit, Minneapolis and Chicago also showing weakness.

Cumulatively, the 20-City Composite was down 1.2 percent from September to October and 3.4 percent from a year ago. The index was up 1.9 percent from a post-crisis low registered in March 2011.

“In the October data, the only good news is some improvement in the annual rates of change in home prices,” with 14 of 20 cities seeing their annual rates of change improve, said David Blitzer, chairman of the Index Committee at S&P Indices, in a statement.

Average prices were below January 2000 levels in Atlanta, Cleveland, Detroit and Las Vegas.  Looking back a year, only two markets in the 20-City Composite have posted annual gains: Detroit (2.5 percent) and Washington, D.C. (1.3 percent).

The National Association of Realtors last week reported that existing-home sales were up 4 percent from October to November, to a seasonally adjusted annual rate of 4.42 million homes. The median existing single-family home price was $164,100, down 4 percent from a year ago, NAR said.

S&P/Case-Shiller Index levels October 2011

Market

Index level*

September to October change

Change from year ago

Atlanta

91.21

-5.00%

-11.70%

Boston

152.7

-1.10%

-1.10%

Charlotte

112.77

-0.50%

-1.20%

Chicago

116.4

-1.80%

-4.80%

Cleveland

99.64

-1.00%

-2.40%

Dallas

115.44

-0.90%

-0.60%

Denver

125.38

-0.20%

-0.90%

Detroit

71

-3.30%

2.50%

Las Vegas

92.36

-1.50%

-8.50%

Los Angeles

165.51

-1.50%

-4.90%

Miami

138.2

-1.20%

-4.00%

Minneapolis

111.27

-2.80%

-8.40%

New York

168.12

-1.20%

-2.00%

Phoenix

100.54

0.30%

-5.10%

Portland

135.44

-0.50%

-4.70%

San Diego

152.86

-0.60%

-4.50%

San Francisco

132.34

-0.70%

-4.70%

Seattle

134.22

-1.00%

-6.20%

Tampa

126.71

-0.50%

-6.10%

Washington

187.42

-0.30%

1.30%

Composite-10

154.1

-1.10%

-3.00%

Composite-20

140.3

-1.20%

-3.40%

The index has a base value of 100 in January 2000. An index value of 150 translates to 50 percent appreciation. Source: S&P Indices and Fiserv.