March 28, 2012 (Chris Moore)
Home prices in the United States continued to fall in January, though at a marginally slower pace, but still leaving prices at new post-crisis lows according to the latest S&P/Case-Shiller Home Price Indices.
Sixteen of the 19 Metropolitan Statistical Areas (MSAs) posted monthly declines in home prices with only Miami, Phoenix and Washington D.C. posting gains. Compared to December, prices in Phoenix were up 0.9 percent, in Washington D.C. they were up 0.7 percent and in Miami they were up 0.6 percent. The 10-City and 20-City Composites both posted monthly declines of 0.8 percent.
San Francisco suffered the largest monthly decline in home prices, falling 2.5 percent from December to January, followed by Portland and Atlanta, both with 2.1 percent declines.
In year-over-year results, the 10-City Composite was 3.9 percent lower than in January of 2011 while the 20-City Composite was 3.8 percent lower than a year earlier.
Sixteen of the 19 MSAs also posted year-over-year declines in home prices with only Denver, Detroit, and Phoenix posting increases. Compared to January 2011, prices in Detroit have improved 1.7 percent, in Phoenix prices are up 1.3 percent and in Denver prices are 0.2 percent higher than a year ago.
The largest decline in home prices was posted in Atlanta which saw prices fall 14.8 percent in the last year. Las Vegas had the second largest annual decline of 9.0 percent, followed by Chicago at 6.6 percent and San Francisco, which had an annual decline of 5.9 percent.
Not accounting for inflation, average home prices across the United States are back at the same levels they were in late 2002/early 2003.
From their peak in June/July 2006, index levels for both the 10-City and the 20 City Composites have fallen 34.4 percent.
Four MSAs, Atlanta, Cleveland, Detroit and Las Vegas, continued to see average prices that are below their January 2000 levels while eight MSAs, Atlanta, Chicago, Cleveland, Las Vegas, New York, Portland, Seattle and Tampa, are at their lowest level since the market peaked in 2006.
Tags: S&P, Case-Shiller Home Price Indices, 10-City Composite, 20-City Composite, home prices