"A disappointing report. Home prices broadly declined in August. Seventeen of the 20 cities and both Composites saw a weakening in year-over-year figures, as compared to July, indicating that the housing market continues to bounce along the recent lows," says David M. Blitzer, Chairman of the Index Committee at Standard & Poor's. Over the last four months both the 10- and 20-City Composites show slowing growth, after sustaining consistent gains since their April 2009 troughs.
"The month-over-month growth rates tell the same story. Fifteen of the 20 MSAs and the two Composites saw a decline in the month of August as compared to July levels. The 10- and 20-City Composites fell 0.1% and 0.2%, respectively. Indeed, the housing market appears to have stabilized at new lows. At this time, it does not seem that any of the markets are hanging on to the temporary momentum caused by the homebuyers' tax credits."
(S&P/Case-Shiller Home Price Indices -
Click on chart for larger image in same window)
In consideration of current economic conditions and recent housing data that continues to point towards increasing inventory levels in many locales, the downward pricing trend highlighted in this report should continue to be reflected in the next S&P / Case-Shiller release.
Actual S&P/Case-Shiller Housing Price Index PDF report: "Home Prices Increases Slow Down in August According to the S&P/Case-Shiller Home Price Indices".
More to come ...
No comments:
Post a Comment