Data through April 2011, released Tuesday by S&P Indices for its S&P/Case-Shiller Home Price Indices , show a monthly increase in prices for the 10- and 20-City Composites for the first time in eight months.
The 10- and 20-City Composites were up 0.8 percent and 0.7 percent, respectively, in April versus March. Both indices are lower than a year ago; the 10-City Composite fell 3.1 percent and the 20-City Composite is down 4.0 percent from April 2010 levels. Six of the 20 metropolitan statistical areas (MSAs) showed new index lows in April – Charlotte, Chicago, Detroit, Las Vegas, Miami and Tampa. Thirteen of the cities and both composites posted positive monthly changes.
Single-family housing starts were up in May, but still well below their 2010 levels and still very close to their 30-year low. Existing home sales rose in May, but are still about 15 percent below last year’s pace and about 35 percent below their 2005 pace.
Washington, D.C. once again stands out with a 3 percent monthly increase and a 4 percent annual growth rate. Minneapolis was the only city that demonstrated a double-digit annual decline, -11.1 percent.
Phoenix and Atlanta are two markets that are close to losing any value gained since January 2000. As of April 2011, Cleveland, Detroit and Las Vegas are the three markets where average home prices are lower than where they were 11 years ago.