Home prices remain stable around recent lows
Data through July 2010, released by Standard & Poor’s for its S&P/Case-Shiller1 Home Price Indices show that the annual growth rates in 16 of the 20 MSAs and the 10- and 20-City Composites slowed in July compared to June 2010. The 10-City Composite is up 4.1% and the 20-City Composite is up 3.2% from where they were in July 2009. For June they were reported as +5.0% and +4.2%, respectively. Home prices increased in most markets in July versus June. Fifteen MSAs and both Composites saw these monthly rates moderate in July.
With July’s data, 10 of the 20 MSAs are reporting negative annual growth rates. With June’s report only five cities were negative on an annual basis – Atlanta, Cleveland, Dallas, Denver and Portland all fell back to reporting declining annual growth rates. The three cities in California, Los Angeles, San Diego and San Francisco, showed the strongest annual growth rates of +7.5%, +9.3% and +11.2%, respectively; but these too are weaker than June’s print. As of July 2010, average home prices across the United States are back to the levels where they were in late 2003. In July, continuing its downward trend in all but two of the past 46 months, Las Vegas posted another index low as measured by the current housing cycle, when it peaked in August 2006. Peak-to-trough, that market is down 57.0%. Charlotte, Dallas, Denver, Phoenix, Portland and Tampa also saw prices decline in July.
Source: Real Trends