Case-Shiller: Annual Returns for Housing Prices Are Positive for the First Time Since December 2006
1. The 10-City Composite Home Price Index (seasonally adjusted) has increased nine consecutive months for the first time since the spring of 2006, almost four years ago, and it reached its highest level since December 2008, 14 months ago (see top chart above).
2. Based on the percentage increase from the same month in the previous year, the annual rates of returns for both home price indexes improved in February, marking the 13th consecutive monthly improvement for the seasonally adjusted Composite-10 Index and the 11th monthly improvement for the Composite-20 Index. For the first time since December 2006, the annual rates of returns are positive for the seasonally-adjusted indexes: 1.48% for the Composite-10 Index compared to last February and 0.70% for the Composite-20. For the unadjusted home price indexes, the annual returns are 1.4% and 0.60%.
3. The city with the biggest annual decline in the Case-Shiller index was Las Vegas, with a -14.6% decrease from last February, but it was the smallest year-over-year decline since November 2007.