US Home Prices Continue to Slide, but More Slowly
US home prices continued to decline in July, but at a slower pace , according to the latest S&P/Case-Shiller Home Price Indices.
The 10-City and 20-City indices reached new record annual declines of 17.5% and 16.3%, respectively. The 10-City level marked its 10th consecutive monthly report of a record decline, beginning with data reported for October 2007.
While the annual returns of the two indices continue to reach record lows, the pace of the decline has slowed, particularly over the last three months.
For the three months of May through July, home prices cumulatively fell about 2.2%; whereas for the three months of February through April, and November 2007 through January, the cumulative rates of decline were closer to 6.0-6.5%.
Las Vegas remains the weakest market, reporting an annual decline of 29.9%, followed by Phoenix and Miami at -29.3% and -28.2%, respectively. Atlanta, Dallas, Minneapolis and Tampa showed improvements in their annual and monthly returns, but all four are still too close to their recent lows to determine if the markets have stabilized. While their annual returns are negative, Atlanta, Boston, Dallas, Denver and Minneapolis all reported positive returns for the three months or more.
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