S&P Case-Shiller Home Price Index Reaches New Post-Crisis Lows
The S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, showed that all three headline composites ended the first quarter of 2012 at new post-crisis lows according to data through March 2012. The national composite dropped 2.0% in the first quarter of 2012 from the previous quarter. Compared to 1Q11 results, this past quarter was down 1.9%. The 10- and 20-City Composites decreased annually by -2.8% and -2.6% in March 2012. Average home prices in the 10-City Composite fell by 0.1% from February to March while the 20-City remained unchanged.
“While there has been improvement in some regions, housing prices have not turned,” says David M. Blitzer, Chairman of the Index Committee at S&P Indices. “This month’s report saw all three composites and five cities hit new lows. However, with last month’s report nine cities hit new lows. Further, about half as many cities, seven, experienced falling prices this month compared to 16 last time.”
As of March 2012, average home prices across the United States are back to the levels where they were in late 2002 for the 20-City Composite and early 2003 levels for the 10-City Composite. Measured from their June/July 2006 peaks, the decline for both Composites is approximately 35% through March 2012.
Source: S&P Indices