NEW YORK, July 29 /PRNewswire/ -- Data through May 2008, released today
by Standard & Poor's for its S&P/Case-Shiller(1) Home Price Indices, the
leading measure of U.S. home prices, show annual declines in the prices of
existing single family homes across the United States generally continued
to worsen in May 2008. For the second straight month, all 20 MSAs posted
annual declines, nine of which are posting record lows and 10 of which are
in double-digits. Both the 10-City Composite and the 20-City Composite are
reporting record low annual declines.
"The overall real estate market continued to slide in May, with the
10-City and 20 City Composites declining by 1.0% and 0.9% for the month,
respectively. Since August 2006, there has not been one month where we have
seen overall price increases, as measured by the two Composites. Regional
patterns stand out: the Sunbelt led by Miami, Tampa, Phoenix, Las Vegas,
San Diego and Los Angeles saw the biggest booms and now see the largest
declines. The Northeast, including Boston and New York, is cyclical but
less volatile while the Midwest, paced by Detroit and Cleveland face
difficult local economies," says David M. Blitzer, Chairman of the Index
Committee at Standard & Poor's. "One possible bright spot is that seven
MSAs, while still negative, showed some improvement in their annual figures
over those reported last month. Looking at the monthly statistics, seven of
the 20 metro areas were positive for the May/April reading."
For the month of May, markets that experienced large gains in the
recent real estate boom continue to be the biggest decliners. Miami and Las
Vegas were the worst performers returning -3.6% and -2.9%, respectively. On
a brighter note, Charlotte and Dallas have recorded three consecutive
months of positive returns. These two markets are also showing the smallest
annual declines, with Charlotte down 0.2% and Dallas down 3.1% versus May
of 2007. From a longer-term perspective, since January 2000, the best
performing markets are Washington, Los Angeles, New York and Miami. The
value of housing in Detroit is lower than it was in January 2000. Over the
month, no region reported gains in excess of 1%. But for those that
reported monthly declines, three were in excess of 2%.
The table below summarizes the results for May 2008. The
S&P/Case-Shiller Home Price Indices are revised for the 24 prior months,
based on the receipt of additional source data. More than 21 years of
history for these data series is available, and can be accessed in full by
going to http://www.homeprice.standardandpoors.com.
May 2008 May/April April/March 1-Year
Metropolitan Area Level Change (%) Change (%) Change (%)
Atlanta 124.41 0.6% -0.7% -7.9%
Boston 160.35 1.0% 0.1% -6.2%
Charlotte 133.16 1.0% 0.2% -0.2%
Chicago 150.03 -0.3% 0.1% -9.4%
Cleveland 108.88 -0.6% 2.9% -8.0%
Dallas 121.61 1.0% 1.1% -3.1%
Denver 129.72 1.0% 0.8% -4.8%
Detroit 92.61 -1.2% -1.9% -17.4%
Las Vegas 161.04 -2.9% -2.0% -28.4%
Los Angeles 198.59 -1.9% -2.2% -24.5%
Miami 193.19 -3.6% -4.1% -28.3%
Minneapolis 140.12 0.6% -2.0% -14.8%
New York 193.88 -0.5% -0.9% -7.9%
Phoenix 157.32 -2.5% -3.4% -26.5%
Portland 175.53 0.4% 0.3% -5.2%
San Diego 178.03 -1.4% -2.6% -23.2%
San Francisco 162.70 -1.2% -2.2% -22.9%
Seattle 178.67 -0.5% 0.7% -6.3%
Tampa 177.14 -0.8% -2.1% -20.2%
Washington 199.23 -1.0% -1.0% -15.4%
Composite-10 181.48 -1.0% -1.5% -16.9%
Composite-20 168.54 -0.9% -1.3% -15.8%
Source: Standard & Poor's and Fiserv
Data through May 2008
Additional information and data including history for the indices back
to 1987, sales-pair counts showing the number of observations for each
month, tiered price indices showing prices for low-, mid- and high-priced
homes in 17 of the 20 MSAs and the methodology document describing index
calculation can be found at http://www.homeprice.standardandpoors.com.
The S&P/Case-Shiller Home Price Indices are published on the last
Tuesday of each month at 9:00 am ET. They are constructed to accurately
track the price path of typical single-family homes located in each
metropolitan area provided. Each index combines matched price pairs for
thousands of individual houses from the available universe of arms-length
sales data. The S&P/Case-Shiller(R) National U.S. Home Price Index tracks
the value of single-family housing within the United States. The index is a
composite of single-family home price indices for the nine U.S. Census
divisions and is calculated quarterly. The S&P/Case-Shiller Composite of 10
Home Price Index is a value-weighted average of the 10 original metro area
indices. The S&P/Case-Shiller Composite of 20 Home Price Index is a
value-weighted average of the 20 metro area indices. The indices have a
base value of 100 in January 2000; thus, for example, a current index value
of 150 translates to a 50% appreciation rate since January 2000 for a
typical home located within the subject market.
These indices are generated and published under agreements between
Standard & Poor's and Fiserv, Inc. The S&P/Case-Shiller Home Price Indices
are produced by Fiserv, Inc. In addition to the S&P/Case-Shiller Home Price
Indices, Fiserv also offers home price index sets covering thousands of zip
codes, counties, metro areas, and state markets. The indices, published by
Standard & Poor's, represent just a small subset of the broader data
available through Fiserv.
About Standard & Poor's
Standard & Poor's, a division of The McGraw-Hill Companies (NYSE: MHP),
is the world's foremost provider of financial market intelligence,
including independent credit ratings, indices, risk evaluation, investment
research and data. With approximately 8,500 employees, including wholly
owned affiliates, located in 23 countries, Standard & Poor's is an
essential part of the world's financial infrastructure and has played a
leading role for more than 140 years in providing investors with the
independent benchmarks they need to feel more confident about their
investment and financial decisions. For more information, visit
http://www.standardandpoors.com.
(1) Case-Shiller(R) and Case-Shiller Indexes(R) are registered
trademarks
of Fiserv, Inc.
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