U.S. home prices show year-over-year stability

Click image for larger version (Source: Standard & Poor’s and Fiserv)

Home prices nationwide showed modest year-over-year improvement in February, according to the Standard & Poor’s/Case-Shiller Home Price Indices, which measure home prices in 10- and 20-city composites. The two indices saw home prices increase 1.4 percent and .6 percent, respectively, over February 2009. While the composites include the New York City region, they indices do not take condo or co-op prices into account, a source of contention for New York City brokers and market analysts, who doubt the survey’s feasibility in this market. New York City saw its rating on the index drop 4.1 percent year-over-year, while Miami saw its rate drop 4.4 percent. TRD