Data through April 2011, released yesterday by S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, show a monthly increase in prices for the 10- and 20-City Composites for the first time in eight months. The 10- and 20-City Composites were up 0.8% and 0.7%, respectively, in April versus March.
In April 2011, the 10-City and 20-City Composites recorded annual returns of -3.1% and -4.0%, respectively. On a month-over-month basis, the 10- and 20-City Composites were up 0.8% and 0.7% in April versus March.
“In a welcome shift from recent months, this month is better than last – April’s numbers beat March,” saysDavid M. Blitzer, Chairman of the Index Committee at S&P Indices. “However, the seasonally adjusted numbers show that much of the improvement reflects the beginning of the Spring-Summer home buying season. It is much too early to tell if this is a turning point or simply due to some warmer weather.
As of April 2011, average home prices across the United States are back to the levels where they were in the summer of 2003. Measured from their peaks in June/July 2006 through April 2011, the peak-to-current declines for the 10-City Composite and 20-City Composite are -32.6% and -32.8%, respectively. From their April 2009 troughs, the 10-City Composite has risen 1.4% and the 20-City Composite is up a scant 0.7%.
The table below summarizes the results for April 2011. The S&P/Case-Shiller Home Price Indices are revised for the 24 prior months, based on the receipt of additional source data. More than 24 years of history for these data series is available, and can be accessed in full by going to www.homeprice.standardandpoors.com
| April 2011 | April/March | March/ February | ||
| Metropolitan Area | Level | Change (%) | Change (%) | 1-Year Change (%) |
| Atlanta | 101.95 | 1.6% | -0.3% | -3.5% |
| Boston | 147.07 | -0.2% | -1.7% | -4.2% |
| Charlotte | 108.42 | -0.3% | -1.2% | -6.6% |
| Chicago | 110.12 | -0.4% | -2.4% | -8.6% |
| Cleveland | 97.69 | 1.2% | -1.8% | -6.8% |
| Dallas | 113.38 | 0.5% | -0.8% | -4.0% |
| Denver | 122.32 | 1.5% | -0.6% | -4.1% |
| Detroit | 62.74 | -2.9% | -4.4% | -7.5% |
| Las Vegas | 96.47 | -0.7% | -1.1% | -6.2% |
| Los Angeles | 168.20 | 0.3% | -0.3% | -2.1% |
| Miami | 136.99 | -0.2% | -0.8% | -5.6% |
| Minneapolis | 106.07 | 0.4% | -3.7% | -11.1% |
| New York | 164.17 | 0.8% | -1.0% | -2.8% |
| Phoenix | 100.36 | 0.1% | -0.5% | -8.8% |
| Portland | 132.84 | 0.1% | -0.7% | -9.2% |
| San Diego | 154.50 | 0.4% | -0.8% | -4.3% |
| San Francisco | 132.03 | 1.7% | -0.1% | -5.5% |
| Seattle | 135.14 | 1.6% | 0.1% | -6.9% |
| Tampa | 126.47 | -0.4% | -0.5% | -7.7% |
| Washington | 186.76 | 3.0% | 0.2% | 4.0% |
| Composite-10 | 152.51 | 0.8% | -0.8% | -3.1% |
| Composite-20 | 138.84 | 0.7% | -0.9% | -4.0% |
| Source: Standard & Poor’s and Fiserv | ||||
| Data through April 2011 | ||||
Read the full report at HousingViews.com.