Case Shiller data through January 2010 was down only 0.7% versus January 2009.
The report was mixed. There were improvements in the year-over-year data for all 20 cities, but the Fall 09 rebound in housing prices is fading. Fewer cities experienced month-to-month gains in January than in December 2009.
In four cities – Charlotte, NC, Las Vegas, Seattle and Tampa – prices reached new crisis lows. Tampa and Las Vegas experienced some of the largest gains and declines in this cycle, while Charlotte and Seattle had more modest price swings.
The peak-to-current declines for Charlotte, Las Vegas, Seattle and Tampa are -13.8%, -55.8%, -24.6% and -42.0%, respectively.
In a pique of understatement, Case Shiller/S&P noted that “Home sales suggest the market remains difficult.”
Source: S&P/Case Shiller