S&P/Case-Shiller November 2011: Continued Decline

by: Sold At The Top

The latest release of the S&P/Case-Shiller (CSI) home price indices for November reported that the non-seasonally adjusted Composite-10 price index declined 1.29% since October, while the Composite-20 index declined 1.27% over the same period. Both measures are continuing to decline notably since last year.

Click on graphs below to enlarge:

The latest CSI data clearly indicates that the price trends are experiencing a declining trend into the typically less active summer and fall season. As I recently pointed out, the more timely and less distorted Radar Logic RPX data is starting to capture notable falling prices driven primarily by seasonality.

The 10-city composite index declined 3.56% as compared to November 2010, while the 20-city composite declined 3.67% over the same period.

Topping the list of regional peak decliners was Las Vegas at -61.07%, Phoenix at -55.54%, Miami at -51.06%, Tampa at -47.36% and Detroit at -44.38%.

Additionally, both of the broad composite indices show significant peak declines slumping -32.87% for the 10-city national index and -32.94% for the 20-city national index on a peak comparison basis.

To better visualize today’s results, view the full release here.

The following charts shows the percent change to single family home prices given by the Case-Shiller Indices as compared to each metro's respective price peak set between 2005 and 2007. Annual and monthly changes are recorded as well.

Click to enlarge:

Additionally, in order to add some historical context to the perspective, I updated my “then and now” CSI charts that compare our current circumstances to the data seen during 90s housing decline. To create the following annual and normalized charts I simply aligned the CSI data from the last month of positive year-over-year gains for both the current decline and the 90s housing bust and plotted the data side-by-side.

Click to enlarge:

The “peak” chart compares the percentage change; comparing monthly CSI values to the peak value seen just prior to the first declining month, all the way through the downturn and the full recovery of home prices.

Click to enlarge:

Note: Be sure to bookmark the overall S&P/Case-Shiller Dashboard or the Scary Housing Dashboard of the weakest markets for a real-time view of all the markets tracked by S&P.