According to the S&P/Case Shiller Home Price Index, US home prices edged downward by 2% during the 3rd Quarter. This is in contrast to a 4.7% increase during the 2nd Quarter.
The study reviews stats for only 10 Cities and 20-“City Composites”. Both saw slower annual price growth than in recent months. Cleveland, OH posted the largest month over month decline at 3.0%. (Data published Nov. 30, 2010)
Five Trend Setters
There are Five cities defied the trend and posted positive gains over the prior year.
• San Francisco …… +5.5%
• San Diego .. ……… +5.0%
• Washington D.C. … +4.5%
• Los Angeles …….. +4.4%
• Boston .……..…….. +0.4%
The Bottom Line
Housing prices are still superior to Q2-2009 lows. Month over month declines were modest at 1-3%. Lower prices increase “affordability” for qualified buyers.
Conclusion
While the report captures key trends, it does not cover every city or every metropolitan market area. Remember the old adage, “all real estate is local”.
Knowing and sharing accurate and objective market data generates huge ‘value-added’ to prospective buyers.