Tuesday, May 26, 2009

Case-Shiller: Prices Fall Sharply in March

by Bill McBride on 5/26/2009 09:08:00 AM

S&P/Case-Shiller released their monthly Home Price Indices for March this morning and also the quarterly national house price index.

The monthly data includes prices for 20 individual cities, and two composite indices (10 cities and 20 cities). Note: This is not the quarterly national index soon.

Case-Shiller House Prices Indices Click on graph for larger image in new window.

The first graph shows the nominal seasonally adjusted Composite 10 and Composite 20 indices (the Composite 20 was started in January 2000).

The Composite 10 index is off 32.4% from the peak, and off 2.0% in March.

The Composite 20 index is off 31.4% from the peak, and off 2.2% in March.

Prices are still falling and will probably decline for some time.

Case-Shiller House Prices Indices The second graph shows the Year over year change in both indices.

The Composite 10 is off 18.6% over the last year.

The Composite 20 is off 18.7% over the last year.

This is near the worst year-over-year price declines for the Composite indices since the housing bubble burst started.

I'll have much more soon (on individual cities, comparing to the stress test scenarios, price-to-rent, price-to-income).