The latest S&P/Case Shiller Home Price Indices, released Tuesday and covering data through October, show a deceleration in the annual growth rates in 18 of the 20 metropolitan statistical areas (MSAs) and the 10- and 20-city composites compared to one month earlier.
The 10-City Composite was up only 0.2% and the 20-City Composite fell 0.8% from their levels in October 2009. Home prices decreased in all 20 MSAs and both composites in October from their September levels.
‘There is no good news in October's report,’ says David M. Blizter, chairman of the Index Committee at Standard & Poor's.Â ‘Home prices across the country continue to fall. The trends we have seen over the past few months have not changed. The tax incentives are over, and the national economy remained lackluster in October, the month covered by these data. Existing-home sales and housing starts have been reported for both October and November, and neither is giving any sense of optimism.’
In October, only the 10-City Composite and four MSAs – Los Angeles, San Diego, San Francisco and Washington, D.C. – showed year-over-year gains. While the composite housing prices are still above their spring 2009 lows, six markets – Atlanta, Charlotte, Miami, Portland, Seattle and Tampa – hit their lowest levels since home prices started to fall in 2006 and 2007, meaning that average home prices in those markets have fallen beyond the recent lows seen in most other markets in spring 2009.