Half of the 20 major metro markets tracked by a Standard & Poor’s/Case-Shiller Home Price index hit new lows for the downturn in February, and the 20-city composite index is "within a hair’s breadth of a double dip," Standard & Poor’s said in releasing the latest numbers today.
The 20-city composite index was down 1.1 percent from January (not seasonally adjusted), and 3.3 percent from a year ago, for a total decline of 32.6 percent since the summer of 2006.
Atlanta; Charlotte; Chicago; Las Vegas; Miami; New York; Phoenix; Portland, Ore.; Seattle and Tampa all posted new lows for the third month in a row (not seasonally adjusted).
Looking back a year, the index scores were down in 19 of 20 markets tracked — the lone exception being Washington, D.C., which posted a 2.7 percent growth rate.
Prices also slipped in 19 out of 20 markets from January to February. The only market to post month-over-month price appreciation — Detroit — hit a new low for the downturn in January, and homes prices remain 30 percent below levels seen in 2000. Home prices in Atlanta, Cleveland and Las Vegas are also below 2000 levels.
Case-Shiller metro price changes, February 2011
|
Metro area |
Change from January |
Change from year ago |
|
Atlanta |
-0.50% |
-5.80% |
|
Boston |
-1.50% |
-1.00% |
|
Charlotte |
-1.20% |
-5.00% |
|
Chicago |
-2.20% |
-7.60% |
|
Cleveland |
-0.80% |
-2.90% |
|
Dallas |
-0.20% |
-1.20% |
|
Denver |
-1.20% |
-2.60% |
|
Detroit |
1.00% |
-3.70% |
|
Las Vegas |
-1.00% |
-5.00% |
|
Los Angeles |
-1.00% |
-2.10% |
|
Miami |
-2.00% |
-6.20% |
|
Minneapolis |
-3.10% |
-8.30% |
|
New York |
-0.50% |
-3.10% |
|
Phoenix |
-0.70% |
-8.40% |
|
Portland |
-1.60% |
-7.00% |
|
San Diego |
-1.30% |
-1.80% |
|
San Francisco |
-2.60% |
-3.50% |
|
Seattle |
-1.90% |
-7.50% |
|
Tampa |
-1.20% |
-6.00% |
|
Washington |
-0.10% |
2.70% |
|
Composite-10 |
-1.10% |
-2.60% |
|
Composite-20 |
-1.10% |
-3.30% |
Source: S&P/Case-Shiller
"There is very little, if any, good news about housing," said David M. Blitzer, Chairman of the Index Committee at S&P Indices, in a statement. "Prices continue to weaken, trends in sales and construction are disappointing."
Home prices in Washington D.C. remain more than 80 percent over their January 2000 level, and other metro markets holding on to gains from 11 years ago include Los Angeles (68.25 percent), New York (65.19 percent) and San Diego (55.05 percent).
