Up-To-Date Housing Price Numbers

The S&P/Case-Shiller home price numbers for September were released this morning, and below we provide a number of tables and charts highlighting recent trends.  September was a very weak month for home prices.  Only 2 of the 20 cities that are tracked saw month-over-month gains.  Washington DC gained 0.28%, and Las Vegas gained 0.15%.  More than half of the 20 cities saw month-over-month declines of more than 1%.  Cleveland saw the biggest decline from August to September at -3.01%.  Minneapolis fell 2.23%, and Portland was the third worst at -1.85%.

While most cities were showing year-over-year gains earlier this year, 15 out of 20 have now dipped back into negative territory.  Chicago is down the most on a year-over-year basis with a decline of 5.58%.  Chicago is followed by Tampa (-4.29%), Charlotte (-3.72%), Portland (-3.62%), and Las Vegas (-3.47%).  Aside from Chicago, the biggest cities have done the best year over year.  San Francisco is up the most of any city at +5.50%.  Washington DC is up 4.47%, Los Angeles is up 4.36%, Boston is up 0.42%, and New York is down slightly at -0.29%.  The composite 10 and 20 city indices are both still showing year-over-year gains.

While three quarters of the cities are now showing declines in home prices over the last year, at least they're mostly up from their recession lows.  Tampa is the only city that hit a new low (post bubble) in home prices in September.  The average gain from recession lows for the 20 cities is 5.89%.  Las Vegas is up the second least at just 0.27%.  Miami is only up 0.73%, and New York is up 3.37% from its lows.  On the upper end, Boston has bounced back 7.17%, Los Angeles is up 10.16%, San Diego is up 12.46%, DC is up 13.78%, and Minneapolis is up 13.89%.  And don't look now, but home prices in San Francisco are up 20.21% off of their lows.  Is house flipping making a comeback in the Bay Area?

Below we highlight the year-over-year changes in home prices on a monthly basis going back to the early 90s.  The typical pattern for cities is a bounce off of extreme lows into slight positive territory followed by the pullback we are seeing right now.

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