Home prices started this year by declining, according to the latest data from the S&P/Case-Shiller Home Price Indices.
Data collected through January showed annual declines of 3.9% and 3.8% for the indices' 10- and 20-city composites, respectively. Both composites saw price declines of 0.8% in January.
Furthermore, 16 of 19 metropolitan statistical areas also saw home prices decrease over the month; only Miami, Phoenix and Washington, D.C., saw home prices go up versus December 2011. S&P did not include the Charlotte, N.C., market in its January figures, citing delays in data reporting.
‘Despite some positive economic signs, home prices continued to drop,’ says David M. Blitzer, chairman of the index committee at S&P Indices. ‘The 10- and 20-city composites and eight cities – Atlanta, Chicago, Cleveland, Las Vegas, New York, Portland, Seattle and Tampa – made new lows. Detroit and Phoenix, two cities that have suffered massive price declines, plus Denver, saw increasing prices versus January 2011.’