The S&P/Case-Shiller Home Price Indices were released this morning for August ’09. While not in positive mode yet, the annual average rate of decline for both the 10-City and 20-City Composites improved over July. The data show seven months of improved readings during 2009. Housing is still in the “less bad” territory but moving in a positive direction. Home prices have returned to the price level in September, 2003. From the press release:
The seasonally adjusted 20-city index in August was down 11.3% from a year earlier. By contrast, last December that index was down 18.5% from a year before. From the peak in the second quarter of 2006 through the trough in April 2009, the 10-City Composite is down 33.5% and the 20-City Composite is down 32.6%, both seasonally adjusted. With the relative improvement of the past few months, the peak-to-date figures through August 2009 are -30.2% and -29.3%, respectively.
Below is a summary of the monthly changes city by city using the seasonally adjusted (SA) and non-seasonally adjusted (NSA) data can be found in the table below (click table to enlarge.)
Case-Shiller offered up the following chart illustrating where housing falls when compared to other asset classes. A pretty good showing. Prices have continued to decline since 2007 and are now at the same level as Sept. '03. Sorry I don't have the current returns from the REIT class. Click charts to enlarge.