by Calculated Risk on 4/27/2010 09:00:00 AM
Tuesday, April 27, 2010
Case-Shiller House Prices "mixed" in February
IMPORTANT: These graphs are Seasonally Adjusted (SA). S&P has cautioned that the seasonal adjustment is probably being distorted by irregular factors. These distortions could include distressed sales and the various government programs.
S&P/Case-Shiller released the monthly Home Price Indices for February (actually a 3 month average).
The monthly data includes prices for 20 individual cities, and two composite indices (10 cities and 20 cities).
From S&P: Home Prices Mixed in February 2010
Data through February 2010, released today by Standard & Poor’s for its S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, show that the annual rates of decline of the 10-City and 20-City Composites improved in February compared to January 2010. For the first time since December 2006, the annual rates of change for the two Composites are positive. The 10-City Composite is up 1.4% from where it was in February 2009, and the 20-City Composite is up 0.6% versus the same time last year. However, 11 of 20 cities saw year-over-year declines.
![Case-Shiller House Prices Indices](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgpFP_WiLa-wtL7c7ptv0rXgiNXGqs1VVqaKPxsn3m3tjQ4fR1WHN4C6R94fqFiXorrI5nbIMqtddLK8jdX0wRiU6PZNJle_TS_M-OwfjEwqyaJJIuLg70zLJ0LmwXonk29tmlv/s320/CaseShillerFeb2010.jpg)
The first graph shows the nominal not seasonally adjusted Composite 10 and Composite 20 indices (the Composite 20 was started in January 2000).
The Composite 10 index is off 30.0% from the peak, and up slightly in February (SA).
The Composite 20 index is off 29.3% from the peak, and down slightly in February (SA).
![Case-Shiller House Prices Indices](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgnV4SmXQMi7pnk2wo4n2VkmZu5U29fQhUmp5wiOgJtzrvwALVKRJAaFhtZ8xpyF9ImlYlExP8G9S-NAO_uaU_N8UV0xOMg3J5ScZ1IsCVrhfbk5ytsRnYZFp7P07XISGdVLy9x/s320/CaseShillerFeb2010YoY.jpg)
The Composite 10 is up 1.4% compared to February 2009.
The Composite 20 is up 0.6% compared to February 2009.
These are the first YoY price increases since 2006.
The third graph shows the price declines from the peak for each city included in S&P/Case-Shiller indices.
![Case-Shiller Price Declines](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhW_Dek0QIh8Q41mFsyQwOXSQOGZfOrlSEI6WdgMWbGaULo6JWGZjb_bj3TuNxWSSlz85Si4VC7pCCHDRptJ4viBLhGgQPiwnQBOrwEWxS48oXSxcMHGjmOxl9NJhp68gPbyYl_/s320/CaseShillerCitiesFeb2010.jpg)
Prices in Las Vegas are off 55.7% from the peak, and prices in Dallas only off 6.0% from the peak.
Note: Congratulations to S&P: the new release format is excellent.