The December 2013 S&P/Case-Shiller Home Price numbers were published today, and below is a look at the month-over-month and year-over-year changes in the composite indices and the 20 individual cities that are tracked. After gaining on a month-over-month basis for the majority of 2013, the year ended on a down note with 13 of the 20 cities posting declines in home prices from November to December. Just seven cities were up month-over-month, with Miami up the most at 0.88%. Las Vegas, Tampa, San Francisco, DC, Dallas and Los Angeles were the other cities that saw gains. On the downside, Cleveland fell the most MoM with a decline of 1.18%, followed by Minneapolis, Seattle, Chicago and New York. Aside from DC, all of the cities that saw home prices rise in December are in warm weather climates, while many of the cities that saw the biggest declines have had brutal winters. Keep in mind that these numbers are from December, though, and the weather only got worse after that, so it will be interesting to see how the numbers look for January and February when they are released.
Below are charts of the S&P/Case-Shiller Home Price indices for all of the cities tracked, along with the 10- and 20-city composite indices. Dallas and Denver are still the only two cities where prices are now above where they were before the housing bubble burst back in 2006. Also, after a nice year-long rally off of their lows, you can see how prices have stalled over the last two months. We're not expecting much from prices when the January and February readings come out, but it will be important for the economy to see prices begin to pick up again once the Spring season rolls around.