The S&P|Case-Shiller Home Price Indices with data through March 2012 were released this morning. They track home prices in 20 US metropolitan markets, from Miami to Seattle. We monitor these numbers because they’re an indicator of the available housing stock and consumer confidence.
The data show a continued decrease where “all three headline composites ended the first quarter of 2012 at new post-crisis lows”. Atlanta’s decrease in home prices continues to lead the 20 cities tracked over the last year by a wide margin: more than ten percent. Atlanta home prices are down 17.7% over the last twelve months. Las Vegas and Chicago have shown the second and third largest decreases in home prices over the last year with 7.5% and 7.1% decreases respectively.
Both Charlotte and Miami, the other southeastern US metropolitan areas tracked in the 20-city composite, showed increases of 0.4% and 2.5% respectively. Atlanta will likely join the modest increases shown by other cities in the immediate future as its available housing stock decreases.
You can find the full list of the twenty metropolitan markets and their numbers on the fourth page of the press release: http://rta.bz/KY2BAJ [www.standardandpoors.com]
Photo by Diana Parkhouse used under creative commons license.