This morning S&P/Case-Shiller released their quarterly Home Price Index, a leading measure of changes in the price of homes on the residential real-estate market (NYSE:IYR). The new data covers April 2011 through June 2011, and shows significant growth in the second quarter, after having declined steeply in the first. While housing prices have recovered from their first-quarter low, they still remain below second-quarter prices in 2010.
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According to the S&P, housing prices climbed 3.6% in the second quarter when compared to the first, when they fell 4.1%. However, on a year-over-year basis, housing prices were down 5.9% during the second quarter. Nationally, home prices are now at their 2003 levels.
The S&P/Case-Shiller report consists of 10-city and 20-city composite rankings for major metropolitan areas. The 10- and 20-City composites posted annual rates of decline of 3.8% and 4.5%, respectively, with all 20 cities declining on a year-over-year basis. However, on a monthly basis, 19 of the 20 MSAs and both composites were up in June compared to May. Portland was flat. Of the 20 MSAs, 12 increased each of the three months during the second quarter. While Minneapolis posted a 10.8% annual decline and Portland declined 9.6% compared to June 2011, none of the markets posted new lows. And while all 20 markets are still in negative territory compared to 2010, they all saw improvements in their annual rates.