The latest release of the S&P/Case-Shiller (CSI) home price indices for October reported that the non-seasonally adjusted Composite-10 price index declined 1.09% since September while the Composite-20 index declined 1.23% over the same period with both measures continuing to decline notably since last year.
The latest CSI data clearly indicates that the price trends are experiencing a declining trend into the typically less active summer and fall season and as I recently pointed out, the more timely and less distorted Radar Logic RPX data is starting to capture notable falling prices driven primarily by seasonality.
The 10-city composite index declined 3.02% as compared to October 2010 while the 20-city composite declined 3.40% over the same period.
Topping the list of regional peak decliners was Las Vegas at -60.66%, Phoenix at -55.79%, Miami at -50.80%, Tampa at -46.78% and Detroit at -44.12%.
Additionally, both of the broad composite indices show significant peak declines slumping -31.90% for the 10-city national index and -32.06% for the 20-city national index on a peak comparison basis.
To better visualize today’s results use Blytic.com to view the full release.
The following charts (click for larger version) shows the percent change to single family home prices given by the Case-Shiller Indices as compared to each metros respective price peak set between 2005 and 2007 as well as annual and monthly changes.
To create the following annual and normalized charts I simply aligned the CSI data from the last month of positive year-over-year gains for both the current decline and the 90s housing bust and plotted the data side-by-side (click for larger version).
