The S&P/Case Shiller® composite index for the month of August was released yesterday.
"'There was some weakness in the monthly statistics, as 10 of the cities post price declines in August over July,' says David M. Blitzer, Chairman of the Index Committee at S&P Indices. 'And even though the annual rates are largely improving, 18 MSAs and both Composites are still negative. Nationally, home prices are still below where they were a year ago. The 10-City Composite is down 3.5% and the 20-City is down 3.8% compared to August 2010.'
'In the August data, the good news is continued improvement in the annual rates of change in home prices. In spring and summer’s seasonally strong period for housing demand, we cautioned that monthly increases in prices had to be paired with improvement in annual rates before anyone could declare that the market might be stabilizing. With 16 of 20 cities and both Composites seeing their annual rates of change improve in August, we see a modest glimmer of hope with these data. As of August 2011, the crisis low for the 10-City Composite was back in April 2009; whereas it was a more recent March 2011 for the 20-City Composite. Both are about 3.9% above their relative lows.'
'...As seen in our past few monthly reports, there were large revisions across some of the MSAs. In particular, Washington DC was the most affected in August. Additional sale pairs data for May - July 2011 in the Washington DC MSA were received this month and resulted in the revisions.'"