Home prices are up overall but several key cities are still struggling
February data released
Today’s Standard & Poor’s Case-Shiller Home Price Indices bring mixed news. S&P analyzes a 10-city and 20-city composite as an indicator of national home price rates which as of February shows that overall, home prices in America are up with the 10-city rising 1.4% over February 2009 and the 20-city rising 0.6% in the same time.
Where it gets mixed up is that despite this being the first time since 2006 that the annual rates of change for both composites are positive, more than half of the cities in the larger composite experienced price declines.
According to Barron’s, “homebuilders were mixed on the news, with Toll Brothers (TOL) down 14 cents, or 0.6%, at $22.65, and Pulte Homes (PHM) up 48 cents, or 4%, at $13.52.”
Economist Scott Grannis points to recent numbers as news of hitting the bottom in real estate. Grannis said, “the resulting picture becomes quite clear: The great housing market bust is over, and a new growth cycle is underway.”
Case-Shiller data graphed:
Click any image to enlarge.
CC Licensed image courtesy of ceekay via Flickr.com.
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This article published on Tuesday, April 27th, 2010 at 3:23 pm | Contact the editor
Topics: News
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AGBeat Editor-in-Chief: Lani, named one of Real Estate’s 100 Most Influential, as well as 12 Most Influential Women in Real Estate, is a business writer hailing from the great state of Texas in the city of Austin. As a digital native, Lani is immersed not only in advanced technologies and new media, but is also a stats nerd often burried in piles of reports. Lani is a proven leader, thoughtful speaker, and vested partner at AGBeat.
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Comments (19)
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- LFC.com:
Article by @AgentGenius about the mixed reviews on the Case-Shiller Home Price Indices today. http://ht.ly/1DUe0 #RealEstate
- AgentGenius:
#agnow I'm curious about the homebuilder data. I see discussion about it a lot, but it doesn't seem like their num… http://bit.ly/amEIia
- NabeWise Media:
RT @agentgenius: #agnow I'm curious about the homebuilder data. I see discussion about it a lot, but it doesn't seem like their num… http://bit.ly/amEIia
- cheenastar:
Home prices are up overall but several key cities are still struggling http://bit.ly/bVejdM
- AgentGenius:
#agnow May be a little early to start blowing up Balloons for the "Housing Market Recovery Party" http://bit.ly/amEIia
- Barbara Hoagland:
Home prices are up overall but several key cities are still struggling: http://bit.ly/9DvH4b via @addthis
- Ten cities may continue struggling regardless of national market:
[...] and Poor’s reported yesterday that while the Case-Shiller Home Price Indices are up over last year, several cities are still [...]
- AgentGenius:
#agnow [...] and Poor’s reported yesterday that while the Case-Shiller Home Price Indices are up over last ye… http://bit.ly/amEIia
- LFC.com:
RT @AgentGenius: #agnow [...] and Poor’s reported yesterday that while the Case-Shiller Home Price Indices are up ov… http://bit.ly/amEIia
- AgentGenius:
#agnow Wondering what impact the coming defaults, and near term defaults, plus the almost sure to come increase in … http://bit.ly/amEIia
- AgentGenius:
#agnow I think you're right Jeff, however, banks have seen and heard of the big bounce coming for over a year now, … http://bit.ly/amEIia
Benn Rosales
Conal Campbell
Elijah May
Lani Rosales
Tara Steele
Marti Trewe
Charlene Jimenez
Let’s see what the numbers are in the middle of the summer after all the FTHB tax credit hoopla expires.
I think we’re going to see incentive to buy just like we did in the 80s via hud homes, $100 down, simple term financing as a means of moving inventory, fannie is already tinkering. Increases in grants, dp assistance programs and the like.
Prices may stay flat or edge up this summer but UNITS will be down by the time May, June, July numbers are on the books. I’m with Fred….we’ll know in 90 days.
You are going to start to see tons of foreign investors coming and buying homes cash.
I’m curious about the homebuilder data. I see discussion about it a lot, but it doesn’t seem like their numbers/industry are an accurate indicator of much except incoming inventory. Their sentiment, their land buying, their payrolls — does that usually correlate to more important indicators, like home prices and sales volume, also going up?
May be a little early to start blowing up Balloons for the “Housing Market Recovery Party”
Wondering what impact the coming defaults, and near term defaults, plus the almost sure to come increase in REO inventory coming to your local market will have? Apparently CS thinks not much.
Really?
I think you’re right Jeff, however, banks have seen and heard of the big bounce coming for over a year now, and if they’ve neglected to create actionable plans to manage plans to handle/soften that bounce by now… well, that would just be negligent. I see this several ways at this point, yes there was a tidal wave coming, but yes they’ve had time to move people to higher ground, and if it comes as a surprise, God help’em at this point.