The annual rate of decline among home prices in major U.S. cities improved in August over the previous month, according to the S&P/Case-Shiller Home Price Indices report released today (see report below), marking the seventh consecutive month of improvement.
The 10- and 20-city composites measure the composite percentage decline in price year-over-year. In August, home prices declined 10.6 and 11.3 percent, respectively, from the same month a year earlier.
Between July and August, 17 of the 20 metropolitan areas analyzed in the report saw price increases, with just Charlottle, Cleveland and Las Vegas reporting a monthly decline. The New York market, meanwhile, finally emerged from its double-digit declines, showing housing prices down 9.6 percent. In Miami, August’s composite figure showed an 18.8 percent decline over last year.
Even as figures remain down over the previous year, David Blitzer, chairman of the index committee, said that there is reason for some cautious optimism regarding the numbers.
“While many of the markets remain down versus this time last year, the relative rate of decline has shown some real improvement,” Blitzer said in the report. “Once again, however, we do want to remind people of the upcoming expiration of the Federal First-Time Buyer’s Tax Credit in November and anticipated higher unemployment rates through year-end.” TRD