There was a slight decline sequentially, and on a year over year basis, home prices fell 3.3% in February on the 20-city composite.
Not a dramatic worsening from the January number, but no hint of a rebound just yet.
Data through February 2011, released today by S&P Indices for its S&P/Case-Shiller1 Home Price Indices, the leading measure of U.S. home prices, show prices for the 10- and 20-city composites are lower than a year ago but still slightly above their April 2009 bottom. The 10- City Composite fell 2.6% and the 20-City Composite was down 3.3% from February 2010 levels. Washington D.C. was the only market to post a year-over-year gain with an annual growth rate of +2.7%. 10 of the 11 cities that made new lows in January 2011 saw new lows again in February 2011. Detroit avoided another new low, managing a +1.0% increase in February over January, the only city with a positive monthly change. With an index level of 139.27, the 20-City Composite is virtually back to its April 2009 trough value (139.26); the 10-City Composite is 1.5% above its low.
Background: This number just keeps sliding, and analysts are expecting another 3.2% slide in February prices. Yet, it’s a laggy number, and some housing data has come in a bit firm lately. But it’s the gold standard of housing prices.