by Calculated Risk on 9/28/2010 09:00:00 AM
Tuesday, September 28, 2010
Case-Shiller: "Home Prices Stable in July"
S&P/Case-Shiller released the monthly Home Price Indices for July (actually a 3 month average of May, June and July).
This includes prices for 20 individual cities, and two composite indices (10 cities and 20 cities).
Note: Case-Shiller reports NSA, I use the SA data.
From S&P: Home Prices Remain Stable Around Recent Lows According to the S&P/Case-Shiller Home Price Indices
Data through July 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 growth rates in 16 of the 20 MSAs and the 10- and 20-City Composites slowed in July compared to June 2010. The 10-City Composite is up 4.1% and the 20-City Composite is up 3.2% from where they were in July 2009. For June they were reported as +5.0% and +4.2%, respectively. Although home prices increased in most markets in July versus June, 15 MSAs and both Composites saw these monthly rates moderate in July.
![Case-Shiller House Prices Indices](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjUGkFlnGkwMqefgXh24mdyrHgBm_KxTdxTfLQ-V5DYfreeRRGCbSwl-zhU1W1Tb8QP7Onxvh7GTaG8Xya1v5dS4lluIV1Uq2Wgvsf-fZZEBiyu9EVR4_5NzpL5gQ179uQ3PPNN/s320/CaseShillerJuly2010.jpg)
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 29.0% from the peak, and flat in July (SA).
The Composite 20 index is off 28.6% from the peak, and down 0.1% in July (SA).
![Case-Shiller House Prices Indices](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi1yICbB9I2b5M2G8HF5BOGpuS23Q5gRPDPIl64oRVEgTLmo18rewlZLPpSE0N45AHoX8gGSrGk1joduSnRItfPNgdzCOZjxoNDwhJiK4226Ox47Fb0uDS9whkqQ60Q-TyucRx5/s320/CaseShillerYoYJuly2010.jpg)
The Composite 10 is up 4.0% compared to July 2009.
The Composite 20 is up 3.1% compared to July 2009.
The year-over-year changes appear to be rolling over - and will probably be negative later this year.
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/AVvXsEif36YdoCkrbQWGbxYrzp-SOxbc5y8l6WYwRAAw8wjHett0O-2yuX9otCLw4LEI1ibPHtJCTtc9HIJDjPB0SzkqNH64AZK7MUXZWOmT62TJYANlst7MNU76nHt8ZpCY-HYsTNFB/s320/CaseShillerCitiesJuly2010.jpg)
Prices in Las Vegas are off 57.2% from the peak, and prices in Dallas only off 5.7% from the peak.
Prices probably declined just about everywhere in July, but this will not be evident in the Case-Shiller index until next month since the Case-Shiller index is an average of three months.