Tuesday, May 25, 2010

Real Case-Shiller National House Prices

by Bill McBride on 5/25/2010 11:40:00 AM

S&P/Case-Shiller also released the Q1 2010 National Index this morning.

By request, here is a graph that shows the national index in both nominal and real terms (adjusted with CPI less shelter).

Case-Shiller Real National House Prices Index Click on graph for larger image in new window.

In nominal terms (blue), the National Index declined 1.3% in Q1, and is 2.1% off the recent bottom in Q1 2009.

Note: Case-Shiller reported the national index declined 3.2% in Q1 (Not Seasonally Adjusted, NSA) - however I'm using the SA data.

In real terms (red), the National Index declined 1.9% in Q1, and is now at the lowest level since Q4 2000.