Data through the end of the first quarter of this year, released by the S&P/Case-Shiller Home Price Indices, showed that all three of the indices' headline composites ended the quarter at new post-crisis lows.
The national composite fell by 2% in the first quarter and was down 1.9% versus the first quarter of 2011. The 10- and 20-city composites posted respective annual returns of -2.8% and -2.6% in March.
Month-over-month, their changes were minimal: Average home prices in the 10-city composite fell by 0.1% in March compared to February, and the 20-city composite remained basically unchanged over February. However, with these latest data, all three composites still posted their lowest levels since the housing crisis began in mid-2006.
Five cities – Atlanta, Chicago, Las Vegas, New York and Portland, Ore. – also saw average home prices hit new lows, although S&P says this is an improvement over nine cities reporting new lows last month.
‘While there has been improvement in some regions, housing prices have not turned,’ says David M. Blitzer, chairman of the index committee at S&P Indices.