Case-Shiller Worse Than Expected: Home Prices Fell 3.6% In March

The number:

Another miss!

Case-Shiller shows home prices fell 3.61% in March. That’s worse than the 3.4% that was expected.

The sequential declines of 0.23% was worse than the 0.20% expected.

The full report can be downloaded here.

18 of the 20 cities surveyed saw prices fall sequentially.

From the announcement:

“This month’s report is marked by the confirmation of a double-dip in home prices across much of the nation. The National Index, the 20-City Composite and 12 MSAs all hit new lows with data reported through March 2011. The National Index fell 4.2% over the first quarter alone, and is down 5.1% compared to its year-ago level. Home prices continue on their downward spiral with no relief in sight.” says David M. Blitzer, Chairman of the Index Committee at S&P Indices. “Since December 2010, we have found an increasing number of markets posting new lows. In March 2011, 12 cities – Atlanta, Charlotte, Chicago, Cleveland, Detroit, Las Vegas, Miami, Minneapolis, New York, Phoenix, Portland (OR) and Tampa – fell to their lowest levels as measured by the current housing cycle. Washington D.C. was the only MSA displaying positive trends with an annual growth rate of +4.3% and a 1.1% increase from its February level.

Background: Here we go again, with likely more confirmation that the double dip is ON. The 20-city composite index is expected to fall 3.4% for March, which is worse than the 3.33% last month. On a sequential basis, the decline is expected to be 0.2%.