Annual rates of decline of the 10-City and 20-City Composites improved in February compared to January 2010. For the first time since December 2006, the annual rates of change for the two Composites are positive.

The 10-City Composite is up 1.4% from where it was in February 2009, and the 20-City Composite is up 0.6% versus the same time last year. However, 11 of 20 cities saw year-over-year declines.


click for larger chart

Annual returns of the 10-City and 20-City Composite Home Price Indices gained 1.4% and 0.6% respectively in February 2010 compared to the same month last  year. Eighteen of 20 metro areas and both Composites showed an improvement in their annual rates (Dallas and Portland being the exceptions).

clock for ginormous chart


UPDATE: One more chart, via Calculated Risk:

More charts after the jump

Source: Standard & Poor’s and Fiserv

Category: Real Estate

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6 Responses to “Case Shiller: Mixed Home Prices in February 2010”

  1. Mannwich says:

    And that’s with the help of billions being thrown at the housing market by the Feds. What happens now that that’s going away?

  2. pojocinco says:

    I recently asked a realtor what pools of people are buying homes? Her answer was, “First time home buyers taking advantage of the tax credit.” I told her that was great for the first year but what about the remaining 29? Down the road, an interesting stat will be the percentages of foreclosures from the “great extend” tax credit.

  3. rootless_cosmopolitan says:

    I take some more important information from the chart than the change of the index compared to a year ago. The upturn in prices last year, obviously due to the massive government intervention, was just a temporary phenomenon, and prices have been falling again for a few months. Some of this might be seasonal. On the other hand, the buffer effect of the tax credit on the prices has still been there and is just running out this month. Once the tax credit is finished and with all the distressed properties coming into the market, and also with the general debt deflationary economic environment (even more with the depressed economic activity becoming visible later this year with a likely close to Zero economic growth or even a renewed economic contraction), the declines in home prices will continue over the next years. The temporary low last year won’t have been the absolute low of this housing bust.

    I’m particularly optimistic about the prices in the market in the New York area where homes are still not affordable for households with median or even with above median income (For Manhattan, the median home price, which is about $900,000 to $1,000,000, to median household income ratio, which is about $75,000 or so, is still 11 to 13. The price to income ratio doesn’t look so much better for the other boroughs). In a few years, prices will have come back to normalcy here, too.

  4. jr says:

    “February unadjusted data came in below July 2009 levels. ”

    1. Although the S&P Case-Shiller index of home prices in 20 metro areas was 0.64% above its year-earlier reading in February, this translates into a 0.85% decline, not seasonally adjusted. S&P has recently cautioned against the use of its seasonally adjusted series given difficulties in pinning down the seasonal. For what it’s worth, that index was down about 0.1%.”

  5. The Curmudgeon says:

    It’s never been a better time to buy a home. Or stocks. Or CDO’s backed by subprime mortgages. Just ask Cognos.

  6. Jim Hodson says:

    With the home buyer tax credit going away, I would not be surprised to see a near term 1-2% avg decline in prices based on the number of people who claimed the tax credit was one of the main influences for jumping into the market. Other factors like interest rates and increased REO inventory does not bode well for a sustained pricing comeback, but as case shiller points out, we are in a much better position now from a price stabilization perspective, and individuals will begin to “pick their own bottom” to get back in. As long as one thinks they see the bottom, they can price it into their offers. It is when one cannot see bottom that they are afraid to jump.

    Jim Hodson
    CEO – Countdown To Buy