The latest Case Shiller Index is out, and it fell 8.9% year over year, but rose a modest 0.3% for the month. The Home Price Index improved in Q3 of 2009 — its 2nd consecutive quarterly increase. Prices declined 8.9% in the quarter versus Q3 2008.
Prior Quarterly falls were worse, with the index falling 14.7% Q2 ’09, and 19.0% in Q1. The month-to-month data improved, albeit slightly, for the 5th consecutive month.
Other data points worth noting:
• 10-City and 20-City Composites posted their fifth consecutive monthly increase with September’s report.
• Nationally, the Composite rose by 3.1% in both Q2 & Q3 2009.
• Average home prices in Q3 2009 are at similar levels to Q3 2003 — 6 years earlier;
• Los Angeles, New York and Washington values are 70-80% above their 2000 averages;
• Detroit is still at only 73% of its 2000 value;
• Prices in Las Vegas (the most depressed market) have declined for 37 consecutive months; Peak-to-trough, Vegas is down -55.4%.
Home Prices Show Sustained Improvement through the Third Quarter of 2009 (PDF)
Case-Shiller Home Price Indices, November 24, 2009