U.S. cities increasingly reporting declining home prices

New York /
Jun.June 24, 2014 04:45 PM

Earlier today, we saw that the pace of home price growth slowed in April. According to the new Case-Shiller report, the index of 20 cities was up just 0.19% month-over-month and 10.82% year-over-year.

But one thing jumps out from the report: a growing number of cities are reporting price declines. From Gennadiy Goldberg at TD Securities:

“The data shows a notable decoupling of home price gains across the 20 cities surveyed by the index. Just 15 cities saw home prices appreciate in April as 5 cities saw declines – the smallest number of cities showing monthly home price appreciation since February 2012.

“While we suspect that the S&P/CS index could still regain some of its footing in the coming months as housing market activity re-accelerates, dissipating positive base effects should continue to weigh on the annual pace of home price gains. In fact, we look for home price gains to slow to a more manageable 6-8% y/y pace by the end of 2014.”

On a seasonally-adjusted month-over-month basis home prices were down in five metro areas: Cleveland (-0.6%), Washington (-0.4%), New York (-0.3%), San Diego (-0.3%), Atlanta (-0.03%).

Here’s the chart from TD Securities highlighting how many of the 20 cities see monthly price increases and decreases.


Related Articles

arrow_forward_ios
The index is 24.5 percent above its previous high point in 2006. (iStock)
U.S. home prices surge 14.6% in April, shattering records (again)
U.S. home prices surge 14.6% in April, shattering records (again)
 U.S. pending home sales declined for the third consecutive month. (iStock)
Pending home sales decline for third straight month
Pending home sales decline for third straight month
(Credit: iStock)
Home-price gains hit lowest rate in a year
Home-price gains hit lowest rate in a year
New York, LA, Miami home prices continue to rise
New York, LA, Miami home prices continue to rise
New York, LA, Miami home prices continue to rise
New York home prices up 6% in the last 12 months
New York home prices up 6% in the last 12 months
New York home prices up 6% in the last 12 months
Home prices rising at fastest rate in years: Case-Shiller
Home prices rising at fastest rate in years: Case-Shiller
Home prices rising at fastest rate in years: Case-Shiller
NYC home prices picked up steam in March: Case-Shiller
NYC home prices picked up steam in March: Case-Shiller
NYC home prices picked up steam in March: Case-Shiller
Placeholder image
US home prices continue to rise in November, though sales volume is slowing
US home prices continue to rise in November, though sales volume is slowing
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...