The Aug 20 city S&P/Case-Shiller home price index fell 11.32% y/o/y, a touch less than the expected drop of 11.9%. It’s the smallest y/o/y decline since Jan ’08. On a m/o/m basis it was up 1.18% where 17 of the 20 cities saw prices gains with Las Vegas, Charlotte and Cleveland down. Every city is still seeing y/o/y price declines with the overall decline from the record highs now 32.6%. This data is not seasonally adjusted and thus an August measure m/o/m benefits from the spring/summer selling season and the home buying tax credit. With that said, the seasonally adjusted price gain m/o/m was .97%, with the tax credit helping to bring out multiple price wars for foreclosed homes, particularly in California according to Case-Shiller. In summary, “As of Aug ’09, average home prices across the US are at similar levels to where they were in the autumn of ’03.”
