Home Prices – July 2009
Home prices nationwide continue to bounce back and have now risen for the 3rd month straight.
Top 3 monthly increases:
1. Minneapolis, MN: 4.58%
2. San Francisco, CA: 3.34%
3. Chicago, IL: 2.66%
Noteworthy: The only city there prices continue to decline is Las Vegas where home prices have dropped by 1.15% from last month.
Home Prices – June 2009
Home prices have risen for the second month in a row. The composite home price index rose by 1.46% from May to June. Home prices are still down 15.13% from a year ago.
Top 3 monthly price increases:
1. Cleveland, OH: 4.18%
2. San Francisco, CA: 3.78%
3. Minneapolis, MN: 3.38%
Home Prices – May 2009 – Beginning to Bottom Out?
Click image to enlarge.
On an annualized basis, overall home prices are down 16.83%. But compared to April they actually went up in May, by 0.44%. This is the first time since June 2006 that composite home prices have not posted a monthly drop.
Cities which still posted monthly declines were Phoenix, Los Angeles, Miami, Las Vegas, and Seattle. In all other major cities prices actually jumped up:
Top 3 monthly jumps:
1. Cleveland, OH: 4.12%
2. Dallas, TX: 1.88%
3. Boston, MA: 1.58%
Where prices still declined, the top 3 declines were as follows:
1. Las Vegas, NV: -2.58%
2. Phoenix, AZ: -0.85%
3. Miami, FL: -0.81%
Top 3 annual declines:
1. Phoenix, AZ: -34.17%
2. Las Vegas, NV: -32.01%
3. San Francisco: -26.15%
After 3 years, this is the first sign that home prices may be beginning to bottom out. It shall be pointed out that residential homes were the first asset class to fall, way ahead of everything else hit by the financial crisis. Thus it is just as likely that they will be among the first assets to bottom out while others continue to decline.
What remains to be seen is how the wave of foreclosures that has been paused via moratoria, will play out once it comes full circle.
Home Prices – April 2009
Click on image to enlarge.
In April 2009 composite home prices declined by 18.1% from 1 year ago.
Top 3 annual declines:
1. Phoenix, Az: 35.26%
2. Las Vegas, NV: 32.25%
3. San Francisco, CA: 28.04%
Top 3 monthly declines:
1. Las Vegas, NV: 3.48%
2. Phonix, AZ: 2.23%
3. Miami, FL: 2.08%
Noteworthy: Prices actually rose a bit from 1 month ago in a few cities: San Fracisco (1st time since April 2007), Denver, Washington DC (1st time since May 2006), Atlanta, Clevelend, Dallas, and Seattle.
Home Prices – March 2009
Click on image to enlarge.
According to the new Case Shiller report nationwide home prices dropped by 18.7%.
Top 3 annual declines:
1. Phoenix, AZ: 36.02%
2. Las Vegas, NV: 31.23%
3. San Francisco, CA: 30.06%
Top 3 monthly declines:
1. Minneapolis, MN: 6.25%
2. Detroit, MI: 4.85%
3. Phoenix, AZ: 4.52%
Home Prices – February 2009
Click on image to enlarge.
Composite home prices have fallen by 19% from last year.
Top 3 annual delines:
1. Phoenix, AZ – 35%
2. Las Vegas, NV – 32%
3. San Francisco, CA – 31%
Top 3 monthly declines:
1. Cleveland, OH – 4.99%
2. Phoenix, AV – 4.46%
3. Detroit, MI – 3.82%
Noteworthy: Declines in Cleveland and Detroit are picking up steam.
Home Prices January 2009
Home prices continue to fall nationwide. Overall, home prices dropped by 19% when compared to last year’s prices. Most noteworthy is probably the fact that Chicago appears in the top declines for the first time.
Click on image to enlarge.
Top 3 annual declines:
1. Phoenix, AZ: 35%
2. San Francisco, CA: 32%
3. Las Vegas, NV: 32%
Top 3 monthly declines:
1. Phoenix, AZ: 5.5%
2. Minneapolis, MN: 5.37%
3. Chicago, IL: 4.64%
Home Prices at 5 Year Low
Click on image to enlarge.
The Case-Shiller Composite Home Price Index has dropped to 162.12 from 166.05 last month and 200.67 a year ago (-2.34% and -19% respectively). It is now below the level from January 2004.
Top 3 annual declines by cities:
1. Phoenix, AZ: 34%
2. Las Vegas, NV: 33%
3. San Francisco, CA: 31%
Top 3 monthly declines by cities:
1. Phoenix, AZ: 5.06%
2. Las Vegas, NV: 4.81%
3. Minneapolis, MN: 4.67%
Home Prices – November 2008
Click image to enlarge.
The composite index for home prices fell by 18% from November 07 through November 08.
Largest annual declines:
1. Phoenix: 33%
2. Las Vegas: 32%
3. San Francisco: 31%
Largest monthly drops:
1. Phoenix: 3.43%
2. Las Vegas: 3.18%
3. Detroit: 3.11%
Home prices are now approximately at February 2004 levels. The way toward 1999 levels is wide open and prices are in free fall with absolutely no end in sight in the near future.
Home Prices Drop Further in October 2008
Today the new Case Shiller home price index values were published:
Top 3 annual declines:
1. Phoenix 33%
2. Las Vegas 32%
3. San Francisco 31%
Top 3 monthly declines:
1. San Francisco 4.18%
2. Minneapolis 3.42%
3. Tampa 3.39%
On average home prices are still around 2004 levels. The way toward 1999 levels is wide open and there can’t be any doubt that home prices will keep falling throughout 2009 until they reach pre-bubble levels, before the most recent business cycle was started by excessive credit expansion.
Community Activity- EconomicsJunkie posted an update in the group Philosophy: I changed point 8 in my UPB summary as follows, after some feedback: 8. Universally [...] April 25, 2010
- EconomicsJunkie and Will Moyer are now friends April 22, 2010
- Bivi joined the group Philosophy April 22, 2010
- EconomicsJunkie posted an update in the group Philosophy: I participated in the last call in show on Freedomain Radio ... http://www.freedomainradio.com/Traffic_Jams/FDR_1644_Sunday_Show_18_Apr_2010.mp3 - had [...] April 21, 2010
- Will Moyer became a registered member April 20, 2010
Recommended Books
-
