In the latest S&P/Case-Shiller release cities in Midwest were among the best, the Sunbelt continued as the weakest and Washington DC remained the standout. Chicago, Cleveland, Minneapolis, Detroit plus Denver and Dallas (not the Midwest but not on either coast) all saw month to month gains. Detroit is one surprise, up two months in a row but still showing the largest drop from their levels of 11 years ago of any city — home prices today are about 73% of what they were in 2000. Other cities showing month-to-month gains included New York, Charlotte NC and Portland OR. The California cities — San Diego, LA and San Francisco — saw prices decline on the month but still remain comfortably above their recent lows.
The Sunbelt continues to be the weak spot in the nation’s housing markets. All four — Las Vegas, Phoenix, Tampa and Miami — were down on the month. Las Vegas made a new low and is one of two cities where home cost less today than in 2000. Three of the four Sunbelt cities saw prices drop by more than 50% from peak to trough. Looking at how the cities rank, Washington DC is clearly the leader. The tables gives more background.
In one sense the housing market is moving away from the boom-bust-crisis patterns of recent years: some cities get better, other get worse instead of all plunging in unison.