Jeez, has it really been almost two months since I last posted? My apologies, I've had a lot going on.
The S&P/Case-Shiller Home Price Indices report for December 2009 was released last week. The report shows "show that the U.S. National Home Price Index fell in the fourth quarter of 2009 but has improved in its annual rate of return, as compared to what was reported in the third quarter ."
“As measured by prices, the housing market is definitely in better shape than it was this time last year, as the pace of deterioration has stabilized for now. However, the rate of improvement seen during the summer of 2009 has not been sustained,” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s. “In the most recent months we are seeing fewer and fewer MSAs reporting monthly gains in prices. Only four cities saw month to month improvements in December over November, when you look at the raw data. We are in a seasonally slow period for home prices, however, so it is not surprising to see better statistics in the seasonally-adjusted data, where 14 of the markets and the two monthly composites all rose in December. Similarly, the National Composite fell by 1.1% in the fourth quarter, but rose by 0.3% on a seasonally-adjusted basis.”
For the DC area, sales prices declined 0.21% in December compared to November, but are up 1.41% YoY, the first positive YoY metric since September 2006!
The charts below reflect home price data for the Washington, DC MSA.