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Home prices fall to lowest levels in almost 10 years; 20-city case shiller lowest since October 2002

dennis-norman-home-prices-realtorThis morning, the S&P/Case-Shiller Index report for February was released which showed both the 10-city and 20-city composites, after both hitting record low levels in the two prior months, fell further in February to 146.90 (the lowest since April 2003) and 134.20 (the lowest since October 2002) respectively.. The 10-city and 20-city composites saw annual price decline of 3.6 percent and 3.5 percent respectively and both saw price declines of 0.8 percent in February from January.

Report highlights:

  • Annual declines of 3.6% and 3.5% for the 10- and 20-City Composites. This is an improvement over the annual rates posted for the month of January (-4.1% and -3.9%, respectively).
  • 15 of the 20 MSAs posted better annual returns in February compared to January.
  • Nine MSAs (Atlanta, Charlotte, Chicago, Cleveland, Las Vegas, New York, Portland, Seattle and Tampa) and both Composites hit new post-crisis lows.
  • Atlanta had the only double-digit negative annual return at -17.3%. This was the 5th consecutive month of double-digit negative returns for Atlanta.
  • In February, both Composites fell by 0.8% over the month. Miami, Phoenix, San Diego were the only MSAs to record positive monthly returns in February.
  • Phoenix, which is one of the cities that fared the worst during the crisis, has now posted two consecutive months of positive annual returns and five consecutive positive monthly returns. However, it is still down 54.2% from its peak.

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