Housing Perspective: May S&P Case Shiller Home Price Index
The housing market got another piece of “good” data today, as the S&P Case Shiller Home Price Index registered its first month-over-month uptick in almost 3 years, according to Bloomberg. The increase was nominal, to be sure, at a mere 0.5% from the prior month, but it was an increase nonetheless.
As can be seen by the graph below, the 20-city composite index is back to where it was in May 2003.
(click to enlarge)
Taking a look at the California markets included in the survey, markets in the Golden State have corrected further than the nation as a whole:
San Francisco – August 2000
San Diego – August 2002
Los Angeles – August 2003
Keep in mind, as we do our best to reiterate here at Cirios, that these broad measures may or may not be relevant to an individual, local market. Home prices in San Francisco proper are down around 20% from the peak, while the metro area has seen declines of more than 45%. Brentwood, Antioch and other parts of Contra Costa county, on the other hand, have seen declines of 60% or more.
We will continue to monitor this measure as an indication of broad, national and statewide trends, but ignore this data when it comes to evaluating individual homes. Have a property you’ve seen and our want our professional opinion? Send it to us info@ciriosre.com and we’ll take a look!
Tags: case shiller, cirios, home prices, san francisco