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Entries in Case-Shiller (9)

Tuesday
Aug282012

Home Price Rise Signals Recovery

Phillip Spears/Digital Vision/Thinkstock(NEW YORK) -- Home prices are showing positive annual growth for the first time since the summer of 2010, according to the S&P/Case-Shiller Home Price Indices out Tuesday.

All three composites of the Case-Shiller indices -- the national, 10- and 20-city composites -- were up for June from one year ago.  The national composite rose 1.2 percent in the second quarter of 2012 from the same period a year ago.  The 10- and 20-city composites rose 0.1 percent and 0.5 percent in June 2012 from June 2011.

“We seem to be witnessing exactly what we needed for a sustained recovery; monthly increases coupled with improving annual rates of change.  The market may have finally turned around,” said David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, in a statement.

Two cities -- Charlotte and Dallas -- saw annual rates of decline accelerate in June, Blitzer pointed out.  Only six cities -- Atlanta, Chicago, Las Vegas, Los Angeles, New York and San Diego -- had negative annual rates of change.  Boston’s annual home price rate was flat.

Last week, two home sales reports indicated that the housing market may have rebounded from the bottom.

Last Thursday, the Commerce Department reported new homes sold at a seasonally adjusted annual rate of 372,000 in July -- an increase of 3.6 percent a month ago and 25.3 percent more than a year ago.

And last Wednesday, the National Association of Realtors reported monthly sales of existing homes increased 2.3 percent in July to 4.47 million.

Copyright 2012 ABC News Radio

Tuesday
Jul312012

Home Prices Rise for Second Straight Month

Phillip Spears/Digital Vision/Thinkstock(NEW YORK) -- Home prices have increased for the second consecutive month, according to the latest Standard and Poor's/Case-Shiller Home Price Index.

Average monthly home prices increased 2.2 percent in May for the index’s 10- and 20-city composites.

“We have observed two consecutive months of increasing home prices and overall improvements in monthly and annual returns,” David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said in a statement.  “However, we need to remember that spring and early summer are seasonally strong buying months so this trend must continue throughout the summer and into the fall.”

The 10- and 20-city composites had annual rates of decline of one percent and 0.7 percent, respectively, compared with May 2011.  Only three cities (Boston, Charlotte and Detroit) had annual returns worsen in May.

“While still negative, these annual changes are the best we’ve since in at least 18 months,” Blitzer said.

Zillow’s chief economist, Stan Humphries, said May was “a good month” for housing with existing home sales almost 10 percent higher than year-ago levels, supply shortages in some markets and a declining mix of foreclosure resales that affect the Case-Shiller index.

“Moreover, all of the data that has come out in the two months since May indicates that the housing market is continuing to slowly heal,” Humphries said.

Although he expects the index will show monthly declines in the latter half of the year, Humphries said that was “a function of seasonality” of a rising share of foreclosures in overall sales, which decline in the fall and winter.

“Overall, we remain cautiously optimistic that home values are at a bottom nationally,” he said, “even while our expectations for price appreciation in the next couple of years are muted.”

Copyright 2012 ABC News Radio

Tuesday
Jun262012

Home Prices Rise in Nearly All Cities

Stockbyte/Thinkstock(NEW YORK) -- The trend is now clear: The worst of the housing slump is over in many parts of the country.

Home prices rose in nearly all major U.S. cities in April, according to the latest Standard & Poor's/Case-Shiller home price index.  The average increase in the 20 cities tracked was 1.3 percent from March -- the first rise in seven months.

The biggest increases were reported in Phoenix, San Francisco and Washington. Detroit was the only city where prices fell, 3.6 percent.

The increases partly reflect the impact of the spring buying season. The month-to-month prices aren’t adjusted for seasonal factors. Still, prices in half of the cities are up over the past 12 months. The largest gain was in Phoenix, where prices rose 8.6 percent compared to last year.

Monday’s Commerce Department report on new home sales also brought good news. It found that Americans bought new homes in May at the fastest pace in more than two years -- up 7.6 percent compared with the month before.

For five years, the housing slump and mortgage mess have been a drag on jobs and the economy. Now, that trend appears to be coming to a close.

But the housing recovery still has a long way to go. Sales are still way below where they were during the boom years.

Copyright 2012 ABC News Radio

Tuesday
Apr242012

No End in Sight for US Housing Slump

Stockbyte/Thinkstock(NEW YORK) -- The housing slump is far from over.

Average home prices have tumbled to their lowest level in nearly a decade, according to the closely watched Standard & Poor's/Case-Shiller home-price index.

A separate report from the Commerce Department says new home sales fell last month by the largest amount in more than a year.  The total fell to a seasonally adjusted annual rate of 328,000 units.  That followed a 7.3 percent increase in February.

The numbers from both reports show the housing market remains under strain.

"My take is that things are improving year over year in the housing market in general but we have a very long and bumpy road to recovery," says Doug Lebda, CEO of the home loan site LendingTree.com.

The S&P/Case-Shiller index shows that prices fell in February from January in 16 of the 20 cities it follows.

Miami, San Diego and Phoenix were the bright spots in the report -- they were among the hardest hit cities in the housing crisis and showed price gains compared to a month ago.

Atlanta showed the weakest housing market; home prices in the city are down 17.3 percent compared to a year ago.  Chicago at 6.9 percent and Cleveland at 4.4 percent also saw steep declines.

Further, Atlanta, Charlotte, N.C., Chicago, Cleveland, Las Vegas, New York, Portland, Seattle and Tampa, Fla., posted new all-time lows, according to the index.

Average home prices across the United States are back to the levels they were in late 2002, according to S&P’s 20-City Composite Index.

New home sales numbers were revised higher for February, which is why the March drop in the government report was so large.

"What we have really is for the first quarter of the year a reasonably small but solid increase in home sales over the fourth quarter of last year," says David Crowe, chief economist at the National Association of Homebuilders.

Copyright 2012 ABC News Radio

Tuesday
Mar272012

Home Prices Fall Again, Now Near Decade Low

Stockbyte/Thinkstock(NEW YORK) -- U.S. home prices fell again in January, but at a slower pace, according to Standard & Poor’s Case-Shiller home price indexes.

Despite the slower pace, the consistent drop in home values has meant that nearly a decade of price gains in the U.S. housing market have been wiped out.  As of January 2012, average home prices across the country are back to early 2003 levels.

According to the national composite index, home values in 20 cities fell 3.8 percent in January from a year earlier, after decreasing 4.1 percent in December.

In what may be a good sign and a leading indicator, Detroit and Phoenix posted an increase in prices compared with a year ago.  Detroit and Phoenix were among the hardest hit by price declines in the past and a recovery there may bode well for housing markets in other cities.

Home prices are now down 34 percent from their peak in the second quarter of 2006, when the housing bubble began to burst.  Atlanta home prices in particular have dropped to new lows.

Of the 20 major U.S. metropolitan markets, 16 reported prices were lower in January than during December.  Miami, Phoenix and Washington, D.C., were the only areas to report growth month-to-month.´╗┐

Copyright 2012 ABC News Radio

Tuesday
Feb282012

Home Prices Hit Lowest Level Since Housing Crisis

iStockphoto/Thinkstock(NEW YORK) -- U.S. home prices hit their lowest levels at the end of 2011 since mid-2006, according to Standard & Poor's Case-Shiller home-price indexes.

The national composite index finds that home prices are now down 33.8 percent from their peak in the second quarter of 2006, when the housing bubble began to burst.   Atlanta, Las Vegas, Seattle and Tampa, Fla. home prices in particular have dropped to new lows.

Prices were down in 19 of the 20 cities tracked in December compared to a year ago.  The only city to post a year-over-year increase was Detroit.

Copyright 2012 ABC News Radio

Tuesday
Oct252011

'Glimmer of Hope?' - US Home Prices Edge Up

Stockbyte/Thinkstock(NEW YORK) -- Home prices across the country ticked up slightly in August, S&P/Case-Shiller reported Tuesday.  But prices were still down compared with August 2010, highlighting the tough road to recovery for home prices which have declined by a third since their peak in 2006.

The widely-used measure of U.S. home prices showed housing prices increased 0.2 percent in August for the 10 and 20-city composite measurements, compared with July.

With 16 of 20 cities and both indexes seeing their annual rates of change improve in August, David Blitzer, chairman of the Index Committee at S&P Indices, said he sees "a modest glimmer of hope with [this] data.”

The 10 and 20-city composites increased 0.9 percent in July from June, but areas are still below levels from one year ago.  Compared with August 2010, the 10-city composite is now down 3.5 percent and the 20-city is down 3.8 percent.

Prices in 10 of the 20 cities increased over the month.  Sixteen of the 20 metropolitan statistical areas (MSA) and both the 10 and 20-city composites had higher annual returns compared with data from July, or -3.5 percent and -3.8 percent, respectively, over August 2010.

Los Angeles and Miami saw no change in annual returns while those of Atlanta, and Las Vegas declined.

“In the August data, the good news is continued improvement in the annual rates of change in home prices,” Blitzer said.  “In spring and summer’s seasonally strong period for housing demand, we cautioned that monthly increases in prices had to be paired with improvement in annual rates before anyone could declare that the market might be stabilizing.”

Detroit and Washington, D.C. were the only two cities to have positive annual returns of 2.7 percent and 0.3 percent.  Minneapolis had the lowest return compared with last year at -8.5 percent, but has improved the last three months.

Copyright 2011 ABC News Radio

Tuesday
Aug302011

Home Prices Rise in June, Second Quarter, but Still Lag

Stockbyte/Thinkstock(NEW YORK) -- For a third consecutive month, home prices in most major U.S. cities rose in June, according to the latest Standard & Poor's/Case-Shiller index of home prices.

The report shows that prices were up from May in 19 of the 20 largest metropolitan areas in the country.  In more than half of the regions -- 12 areas in total -- prices were up for a third straight month in June.

Despite the increases, prices were still down from the same time period last year -- an indication that the housing market still has a way to go on its road to recovery.

The report also shows that home prices jumped 3.6 percent in the second quarter of 2011 after falling 4.1 percent in the previous three months.  However, that figure, too was lower -- down 5.9 percent -- when compared to last year's second quarter.

Copyright 2011 ABC News Radio

Tuesday
Oct262010

Housing: Prices Up, But Headed in Wrong Direction

Photo Courtesy - Getty Images(WASHINGTON) -- According to one of the leading measure of home values in the country, home values are up year-over-year but are headed in the wrong direction.

Standard & Poor’s released its monthly Case-Shiller Home Price Index on Tuesday, showing a 1.7 percent increase in house values in the past 12 months in 20 of the country’s largest cities.

The measure is moving in the wrong direction, pointing toward another dip into negative home price appreciation. With the massive drop in home values during the financial crisis, home prices are back where they were in late 2003. In the 20 cities in this Case-Shiller index, prices have fallen more than 28 percent since values peaked.

“This was a disappointing report that was probably not a major surprise,” writes Joel Naroff, an economist. “While the home buyers’ tax incentives may have created some additional demand, what it really did was change the pattern of demand. Sales from later in the year were pulled backward into the spring. That helped firm up prices but also created the let down we saw during the summer.” 

Of the 20 cities measured, 15 saw home values decline between July and August, hinting at further deterioration in the coming months.

Copyright 2010 ABC News Radio´╗┐







ABC News Radio