Prices on existing homes fell 1.0% in January from December, confirming ongoing weakness in housing.
Prices fell year-over-year in almost every city.
Here’s the summary from the announcement. The year over year decline isn’t quite as bad as expected.
Data through January 2011, released today by Standard & Poor’s for its S&P/Case-Shiller1 Home Price Indices, the leading measure of U.S. home prices, show further deceleration in the annual growth rates in 13 of the 20 MSAs and the 10- and 20-City Composites compared to the December 2010 report. The 10-City Composite was down 2.0% and the 20-City Composite fell 3.1% from their January 2010 levels. San Diego and Washington D.C. were the only two markets to record positive year-over-year changes. However, San Diego was up a scant 0.1%, while Washington DC posted a healthier +3.6% annual growth rate. The same 11 cities that had posted recent index level lows in December 2010, posted new lows in January.
Meanwhile, we’re back to about 2003 levels.
Background: This number has been ugly and double-dippey for a while now. Analysts are looking for a 3.3% year-over-year decline in the 20-city composite.
Here’s the December number. The 20-city composite fell 2.4%.