The U.S. National Home Price Index declined 3.9 percent during the fourth quarter, according to the S&P/Case-Shiller Home Price Indices. The National Index declined 4.1 percent compared with the fourth quarter of 2009, the lowest annual growth rate since the third quarter of 2009. As of December 2010, 18 of the 20 MSAs covered by S&P/Case-Shiller Home Price Indices and both monthly composites were down compared with December 2009. Both Los Angeles and San Francisco reported negative annual rates of return in December, leaving San Diego and Washington DC as the only two cities where home prices are increasing on a year-over-year basis, at 1.7 percent and 4.1 percent, respectively.
In December, the 10- and 20-City Composites posted annual rates of decline of 1.2 percent and 2.4 percent, respectively. Thirteen of the 20 MSAs and both monthly Composites saw their annual growth rates fall in December versus November.
As of the fourth quarter of 2010, average home prices across the United States are at similar levels to what they were in the first quarter of 2003.
The 10-City and 20-City Composites were down 0.9% and 1.0%, respectively, from their November levels. They are now only 3.9% and 2.3% above their April 2009 troughs, respectively. In July 2010, they were +7.9% and +6.9% above the troughs, respectively.
Reprinted from C.A.R. Newlines.
Brought to you by the CALIFORNIA ASSOCIATION OF REALTORS®
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