Home prices were up again in January on a seasonally adjusted basis, but gains slowed compared to the pace of fall, 2009, according to the S&P/Case-Shiller Home Price Indices released Tuesday.
Compared with January 2009, the 10-City Composite Index was flat and the 20-City Index was down 0.7%. All 20 metro areas showed improvement in their annual rates of decline.
Compared to December, on a seasonally adjusted basis, prices moved up 0.4% in the 10-City Index and 0.3% in the 20-City Index. Not seasonally adjusted, the 10-City Index fell 0.2%, following a drop of 0.2% in December from November, 2009. The 20-City Index fell 0.4% sequentially after also dropping 0.2% in December. S&P only recently began including seasonally adjusted data; historically, the indices have not been adjusted.
"The report is mixed," said David M. Blitzer, chairman of the committee that oversees the indices at S&P. "While we continue to see improvements in the year-over-year data for all 20 cities, the rebound in housing prices seen last fall is fading."
He added, "We are in a seasonally weak part of the year, but given the ...data reported today, we can¹t say we¹re out of the woods yet."
Compared to December, all 20 markets except Los Angeles (+0.9%) and San Diego (+0.4%) showed declines on a non-seasonally adjusted basis: Atlanta -1.5%; Boston -0.5%; Charlotte -0.6%; Chicago -1.7%; Cleveland -0.7%; Dallas -1.3%; Denver -1.3%; Detroit -1.1%; Las Vegas -0.5%; Miami -0.2%; Minneapolis -0.6%; New York -0.3%; Phoenix -0.6%; Portland -1.8%; San Francisco -0.6%; Seattle -1.7%; Tampa -0.5% and Washington -0.4%.Seasonally adjusted, Los Angeles posted a gain of 1.8% and 10 other markets showed slight gains or were generally flat. Nine markets showed losses of less than 1%, with Chicago down the most at -0.8%.
On a year-over-year basis, nine markets posted gains: Boston +1.5%; Cleveland +0.2%; Dallas +4.1%; Denver +2.6%; Los Angeles +3.9%; Minneapolis+1.9%; San Diego +5.9%; San Francisco +9.0%; and Washington +3.5%. +Elevenmarkets were down from January, 2009: Atlanta -2.2%; Charlotte -3.1%; Chicago -4.4%; Detroit -7.4%; Las Vegas -17.4%; Miami -6.7%; New York -5.3%; Phoenix -4.6%; Portland -4.2%; Seattle -6.0%; and Tampa -7.4%.
Detroit, with an index of 71.82 remained the only market where single family home prices are lower than they were were in the base month of January, 2000. Las Vegas and Cleveland are drawing close to flat with 2000 with indices of 103.82 and 103.12, respectively, as is Atlanta, with an index of 107.04.
Learn more about markets featured in this article: Los Angeles, CA.