Yearly Change from Jan '06 to Jan '07 for 20-City Composite
Provided by: Standard & Poor's

The annual pace of the index has shown a progressive slide the last 4 months, falling 4.9% in Sept, 6.1% in Oct, 7.7% in Nov and most recently 9.1% for Dec. The consensus of economists has prices falling by double digits for the January period. The release did not suprise forecasts, and the 20-City composite saw values fall 10.7% compared to the same time last year. Lower prices can stimulate home purchases, but it will have a hobbling effect on consumer spending as sellers get smaller offering prices. Existing home sales yesterday showed what might be a bottom in its data though its too early to tell anything at this point.

"Both of the composite indices are now reporting annual declines in excess of 10%. The 10-City Composite set yet another new record, with an annual decline of 11.4%. The 20-City Composite recorded an annual decline of 10.7%.“Unfortunately it does not look like early 2008 is marking any turnaround in the housing market, after the declining year recorded throughout 2007,” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor's.

“Home prices continue to fall, decelerate and reach record lows across the nation.No markets seem to be completely immune from the housing crisis, with 19 of the 20 metro areas reporting annual declines in January and the remaining – Charlotte North Carolina – eking out a benign 1.8% growth rate. Looking deeper into the data, you can see that 16 of the metro areas are also reporting record low annual growth rates. The monthly data show that every one of the MSAs has now declined every month since September 2007, marking five consecutive months. On top of that, the declines have increased through time, in general, as 13 of the 20 MSAs reported their single largest monthly decline in January.”

Las Vegas and Miami share the dubious title of the weakest markets in January, reporting double-digit annual declines of 19.3%, followed by Phoenix at -18.2%."

Yearly Change from Dec '06 to Dec '07 for 20-City Composite
Provided by: Standard & Poor's

Prices for homes in the nations 20 metropolitan cities continues to decline, with December's yearly change amounting to a 9.1% decline. The news continues to paint a gloomy outlook for the housing market, though lower prices may stimulate buying. With the overall economy slowing as well, it may take a while before potential buyers feel confident enough to take on home purchases. Tomorrow, the US will reveal its New Home Sales data, which will shed more light on the housing situation. 

"“We reached a somber year-end for the housing market in 2007,” says Robert J. Shiller, Professor at Yale University and Chief Economist at MacroMarkets LLC. “Home prices across the nation and in most metro areas are significantly lower than where they were a year ago. Wherever you look things look bleak, with 17 of the 20 metro areas reporting annual declines and the remaining three reporting flat or moderate growth rates. Looking closely at these negative returns, you will see that 14 of the metro areas are also reporting record lows and eight are in double digit decline. The monthly data paint a similar picture, with all metro areas now reporting at least four consecutive negative monthly returns.”

Yearly Change from Nov '06 to Nov '07 for 20-City Composite

Official Releae from Stantard & Poor's (.pdf)

S&P/CS Home Price Index: 188.82 (Nov), pr. 192.9 (Oct), pr. 195.6 (Sept).
S&P/CS Home Price Index m/m: -2.1%, pr. -1.4% (Oct)

Home prices continue falling according to S&P/Case-Shiller, with all cities measured showing declines for the month.  

"Data through November 2007 show broadbased declines in the prices of existing single family homes across the United States, marking the 11th consecutive month of negative annual returns and a full two years of decelerating returns. Miami remains the weakest market, reporting a double-digit annual decline of 15.1%. San Diego followed with -13.4%, Las Vegas with -13.2% and Detroit with –13.0%. Seven of the metro areas are now posting double digit declines in their annual growth rates. Charlotte, Portland and Seattle are the only three MSAs still experiencing positive annual growth rates." 

For 3rd Quarter
Provided by: Office of Federal Housing Enterprise Oversight
Official Release: PDF

"For the first time in nearly thirteen years, U.S. home prices experienced a quarterly decline. The OFHEO House Price Index (HPI), which is based on data from sales and refinance transactions, was 0.4 percent lower in the third quarter than in the second quarter of 2007. This is similar to the quarterly decline of 0.3 percent (seasonally-adjusted) shown in the purchase-only index. The annual price change, comparing the third quarter of 2007 to the same period last year showed an increase of 1.8 percent, the lowest four-quarter increase since 1995. OFHEO’s purchase-only index, which is based solely on purchase price data, indicates the same rate of appreciation over the last year."