The S&P/Case Shiller® composite index for the month of March was released today.
"'The housing market may be in better shape than this time last year; but, when you look at recent trends there are signs of some renewed weakening in home prices,' says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s. 'In the past several months we have seen some relatively weak reports across many of the markets we cover. Thirteen MSAs and the two Composites saw their prices drop in March over February. Boston was flat. The National Composite fell by 3.2% compared to the previous quarter and the two Composites are down for the sixth consecutive month. While year-over-year results for the National Composite, 18 of the 20 MSAs and the two Composites improved, the most recent monthly data are not as encouraging. It is especially disappointing that the improvement we saw in sales and starts in March did not find its way to home prices. Now that the tax incentive ended on April 30th, we don’t expect to see a boost in relative demand.'"