The Standard & Poor's/Case-Shiller Home Price Indices released today reveal that housing prices rose in the third quarter. That means we saw two consecutive quarters of rising housing prices this year, and while that is good news overall for the economy, the year-over-year figures paint a much gloomier picture:
From the Case-Shiller release:
The chart above depicts the annual returns of the U.S. National, the 10-City Composite and the 20-City Composite Home Price Indices. The S&P/Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, recorded an 8.9% decline in the third quarter of 2009 versus the third quarter of 2008. This is a marked improvement over the 14.7% decline in the annual rate of return reported in the second quarter of 2009, and the 19.0 drop in the first quarter. The 10-City and 20-City Composites recorded annual declines of 8.5% and 9.4%, respectively. These two indices, which are reported at a
monthly frequency, have generally seen improvements in their annual rates of return every month since the beginning of the year.
The New York Times has some helpful charts online that look at the Case-Shiller data for the 20 cities in the 20-city composite. Like this one of Las Vegas:
Click here to use the NYT interactive charts.
Read the full Case-Shiller release here.
11-24-2009 1:42 PM