This morning S&P/Case-Shiller released their monthly 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 August 2011, and shows an increase in home prices for the fifth consecutive month for both the 10- and 20-City Composites.
According to the S&P, housing prices climbed 0.2% in August over July, with 10 of the 20 MSAs posting positive monthly increases. In addition, 16 of the 20 MSAs posted improved annual returns compared to July’s data –Los Angeles and Miami saw no annual change, while Atlanta and Las Vegas saw their annual rates of change fall deeper into negative territory. Both the 10- and 20-City Composites posted annual returns of -3.5% and -3.8% in August 2011 versus August 2010, respectively.
The S&P/Case-Shiller report consists of 10-city and 20-city composite rankings for major metropolitan areas. Both the 10- and 20-City Composites posted annual returns of -3.5% and -3.8% in August 2011 versus August 2010, respectively. However, while 18 of the 20 markets are in negative territory compared to 2010, 14 of the 20 saw improvements in their annual rates. And while Minneapolis posted the lowest year-over-year return, it has improved in each of the last three months. Detroit and Washington D.C. were the only two cities to post positive annual returns of +2.7% and +0.3%, respectively.