According to the latest data, home prices increased 0.2% for the 10- and 20-city composites in August versus July. Ten of the 20 cities covered by the indices also saw home prices increase over the month. In comparison, the 10- and 20-city composites posted fell 3.5% and 3.8% versus the levels recorded in August 2010, respectively.
Among the nation's leading markets, Los Angeles and Miami saw no change in annual returns in August, while Atlanta and Las Vegas saw their annual rates of change fall deeper into negative territory. At -8.5%, Minneapolis posted the lowest year-over-year return, although it has improved in each of the last three months. Detroit and Washington, D.C., were the only cities to post positive annual returns of 2.7% and 0.3%, respectively.
‘In the August data, the good news is continued improvement in the annual rates of change in home prices,’ says David M. Blitzer, chairman of the Index Committee at S&P Indices. ‘In spring and summer's seasonally strong period for housing demand, we cautioned that monthly increases in prices had to be paired with improvement in annual rates before anyone could declare that the market might be stabilizing. With 16 of 20 cities and both composites seeing their annual rates of change improve in August, we see a modest glimmer of hope with these data.’
The full August data is available online.