Home Prices Down
Home prices hit new post-bubble lows in March, according to a report out Tuesday. The housing market info comes via research gathered by S&P Indices for its S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices.
Average home prices dropped 2.6% from 12 months earlier, according to the S&P/Case-Shiller home price index of 20 major markets. Home prices have not been this low since mid-2002.
The info showed that all three headline composites ended the first quarter of 2012 at new post-crisis lows. The national composite fell by 2.0% in the first quarter of 2012 and dipped 1.9% versus the first quarter of 2011.
Here in San Francisco, the numbers appear slightly more promising with the local home prices rising 1.0% in March/February 2012 versus than the national average where home prices fell 2.0%. In February/January 2012 San Francisco tumbled 0.7% compared with the national 3.9% rate. However the one year change for San Francisco saw a -3.0% decline while the national rate dipped 1.9% so San Francisco, albeit better off than many markets, cannot be said to be fully back on the road to recovery.
Later this week we will take a look at the most improving markets including some in our own back yard.