(May 26, 2009 Release)
Highlights
- The Case-Shiller 10-city index fell 18.6 percent in March compared to a year earlier.
- The Case-Shiller 20-city index fell 18.7 percent in March compared to a year earlier.
- All of the 20 metros reported annual rates of decline.
| Case-Shiller Home Price Index, SA | ||
| March 09 | Yr/Yr % Change | |
| Atlanta | 104.9 | -15.7 |
| Boston | 145.8 | -8.0 |
| Charlotte | 119.3 | -9.3 |
| Chicago | 122.3 | -18.6 |
| Cleveland | 96.7 | -9.0 |
| Dallas | 112.4 | -5.6 |
| Denver | 120.3 | -5.5 |
| Detroit | 71.0 | -25.7 |
| Las Vegas | 116.4 | -31.2 |
| Los Angeles | 160.9 | -22.3 |
| Miami | 148.9 | -28.7 |
| Minneapolis | 109.1 | -23.3 |
| New York | 173.3 | -11.8 |
| Phoenix | 106.8 | -36.0 |
| Portland | 147.7 | -15.3 |
| San Diego | 144.6 | -22.0 |
| San Francisco | 117.8 | -30.1 |
| Seattle | 149.0 | -16.4 |
| Tampa | 141.4 | -22.4 |
| Washington | 166.0 | -18.4 |
| Composite 10-city Index | 151.4 | -18.6 |
| Composite 20-city Index | 140.0 | -18.7 |
Source: Standard & Poors
Analysis
The Case-Shiller indices fell at a slower pace in March then in February but not by much. On a quarterly basis, the 20 city index fell by a record 19.1 percent in the first quarter of this year compared to a year earlier. In contrast, the index fell by 18.2 percent in the fourth quarter compared to a year earlier. This was a disappointing report given that we were expecting some improvement in price declines.
Phoenix, Las Vegas and San Francisco experienced the largest price losses in March, registering a negative 36.0 percent, 31.2 percent and 30.1 percent, respectively. Conversely, Denver, Dallas and Boston experienced the smallest price losses in March, registering a negative 5.5 percent, 5.6 percent and 8.0 percent, respectively.
It is clear that the pace of home value deterioration remains severe. Excess supply of both existing and new homes combined with the steady flow of foreclosure properties into inventory, promise to exert downward pressure on home values during the next several quarters.
Leave a Reply