The S&P/Case-Shiller Home Price Indices, which omit apartment sales, decreased approximately 18 percent in April from one year earlier.
The declines compared with March’s 18.7 percent. For the past three months, the 10-City and 20-City Composites have recorded an improvement in annual returns. The January data had a 19.4 percent drop for the 10-City Composite and 19.0 percent for the 20-City Composite.
The Case-Shiller 10-City and 20-City Composites declined 18.0% and 18.1%, respectively, in April compared with the same month last year.
“The pace of decline in residential real estate slowed in April,” said David M. Blitzer, chairman of the Stand & Poor’s Index Committee. Thirteen of the 20 metro areas also saw improvement in their annual return compared with that of March, and every metro area except Charlotte recorded an improvement in monthly returns over March. (You’ll find much more on the U.S. market in my biweekly newsletter.)
“While one month’s data cannot determine if a turnaround has begun, it seems that some stabilization may be appearing in some of the regions,” Blitzer added.
“We are entering the seasonally strong period in the housing market, so it will take some time to determine if a recovery is really here,” he continued. “The stock market bottomed in March and measures of consumer confidence have turned upward. This report shows that these better spirits are also appearing in the housing market.”
Apparently, his statement Tuesday preceded the Conference Board’s release of its Consumer Confidence Index, which had improved considerably in May and retreated in June. The Index now stands at 49.3 (1985=100), down from 54.8 in May.
The Present Situation Index decreased to 24.8 from 29.7. The Expectations Index declined to 65.5 from 71.5 in May.
Time to regroup?
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