The most recent S&P/Case-Shiller 2009 Home Price Indices report of data through March 2009 shows that home prices in the United States are continuing the trend of steady declines we first reported in early April. And yet, based on current data, there’s no evidence of a recovery in housing prices, says David M. Blitzer, chairman of Standard & Poor’s Index Committee.
The Home Price Indices monitor 20 metro areas: Atlanta; Boston; Charlotte, N.C.; Chicago; Cleveland; Dallas; Denver; Detroit; Las Vegas; Los Angeles; Miami; Minneapolis; New York City; Phoenix; Portland, Ore.; San Diego; San Francisco; Seattle; Tampa, Fla.; and Washington, D.C. Each of the 20 metro areas reported negative rates of change in average home prices both monthly and annually.
All 20 metro areas still indicate negative annual rates of change in home prices, and nine metro areas continue to post record annual declines. Minneapolis experienced a record 6.1 percent decline in March—the largest monthly decline for a single metro area in the history of the indices. Detroit and New York City also posted their largest monthly declines in March, showing returns of -4.9 percent and -2.5 percent, respectively. Phoenix, Las Vegas, and San Francisco continue to perform most poorly, with negative returns exceeding 30 percent.
However, nine of the metropolitan statistical areas (MSAs) tracked are showing relative improvement in year-over-year returns, and monthly returns are improving in nine MSAs when compared with their February 2009 levels. Dallas continues to suffer the least out of the 20 metro areas tracked, falling in March to 11.1 percent below the market’s peak in June 2007, a further—but marginal—decline from the previous low of 10.8 percent in January 2009.
For more information about the latest S&P/Case-Shiller Home Price Indices, visit www.homeprice.standardandpoors.com.
