My New Blog

Data through July 2011 for the S&P/Case-Shiller Home Price Indices showed a fourth consecutive month of increases for the 10- and 20-City Composites, with both up 0.9 percent in July compared with June.

The 10- and 20-City Composites recorded annual declines of 3.7 percent and 4.1 percent, respectively. However, both Composites saw their annual rates improve in July compared with June.

“While we have now seen four consecutive months of generally increasing prices, we do know that we are still far from a sustained recovery,” said David M. Blitzer, Chairman of the Index Committee at S&P Indices. “Eighteen of the 20 cities and both Composites are showing that home prices are still below where they were a year ago. Continued increases in home prices through the end of the year and better annual results must materialize before we can confirm a housing market recovery.“

As of July 2011, average home prices nationwide are back to summer 2003 levels. Measured from their June/July 2006 peaks through July 2011, the peak-to-current declines for the 10-City Composite and 20-City Composite are -31 percent and -30.9 percent, respectively. The peak-to-trough declines are -33.5 percent and -33.4 percent, respectively.

C.A.R.