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September Case-Shiller Show National Prices Recovering, But Portland Remains Flat
From today’s Standard & Poor’s Case-Shiller report:
Data through September 2009, released today by Standard & Poor’s for its S&P/Case-Shiller1 Home Price Indices, the leading measure of U.S. home prices, show that the U.S. National Home Price Index improved in the third quarter of 2009, posting its second consecutive quarterly increase and further improvement in its annual rate of return.
Portland registers 14th out of 20 cities monitored by the Case-Shiller index for 1-year home price performance. A half-point dip in September vs. August home prices puts the Portland metro area at a 12% decline in home prices over the past 12 months. The 20-city index registered an average 8.9% drop.
More from the report:
As of the 3rd quarter of 2009, average home prices across the United States are at similar levels to what they were in autumn 2003. The 3rd quarter values show improvement over the previous two quarters of 2009 and have risen well off their recent bottom. The 10-City and 20-City Composites continue to show monthly improvement in their annual return figures. Both composites emerged from double-digit annual declines with September’s report, the first time in 21 months. In addition, 19 of the 20 metro areas saw improvement in their annual returns compared to the previous month, Cleveland being the only exception.
Here are the September Case-Shiller numbers, with metropolitan areas sorted by 1-year change.
| Metropolitan Area | Sept-09 Level |
Sept./August Change (%) |
August/July Change (%) |
1-Year Change (%) |
| Denver | 129.45 | -0.50% | 1.00% | -1.20% |
| Dallas | 120.57 | -0.70% | 0.20% | -1.20% |
| Boston | 155.62 | -0.20% | 0.90% | -3.30% |
| Cleveland | 105.75 | -1.60% | -0.50% | -3.70% |
| Washington | 180.45 | 0.50% | 1.80% | -5.00% |
| San Diego | 154.76 | 0.90% | 1.60% | -5.70% |
| San Francisco | 134.16 | 1.30% | 2.80% | -7.80% |
| Charlotte | 119.84 | -0.70% | -0.40% | -8.10% |
| New York | 174.38 | -0.30% | 0.60% | -9.00% |
| Los Angeles | 167.93 | 0.80% | 1.60% | -9.00% |
| Atlanta | 111.26 | 0.00% | 1.10% | -9.30% |
| Chicago | 132.13 | 1.20% | 1.70% | -10.60% |
| Minneapolis | 124.96 | 1.80% | 3.10% | -11.20% |
| Portland | 149.72 | -0.50% | 0.30% | -11.80% |
| Seattle | 148.94 | -0.40% | 0.10% | -13.80% |
| Miami | 149.69 | 0.50% | 1.10% | -16.20% |
| Tampa | 142.57 | -0.60% | 0.40% | -16.70% |
| Detroit | 72.9 | 1.80% | 1.90% | -19.20% |
| Phoenix | 109.26 | 0.80% | 1.60% | -21.80% |
| Las Vegas | 104.82 | -0.90% | -0.30% | -28.60% |
| Composite-20 | 146.51 | 0.30% | 1.20% | -9.40% |
Vegas, Phoenix and Detroit continue to drag behind the rest of the country with -28%, -22%, and -19% year-over-year declines. Denver and Dallas home values have held up quite well in the past 12 months.
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