November’s data for the S&P/Case-Shiller Home Price Indices were negative for the housing market. The 10- and 20-City Composites were each down 1.3%, and only one of the 20 cities covered by the indices was up in November over October.
The annual rates of change also showed something negative for home prices. Thirteen of the 20 cities and both monthly Composites saw their annual growth rates worsen. This is down from last month, when only five of the cities saw annual rates decline. New York and Tampa saw no change in annual returns in November; only Charlotte, Cleveland, Denver, Minneapolis and Phoenix saw their annual rates improve.
So, in most markets, home prices versus the same month last year were worse in November than seen in previous reports; this also means that for most they were more negative. Detroit and Washington DC had respective annual growth rates of +3.8% and +0.5% as of November 2011. Monthly increases in prices have to be paired with improvement in annual returns for any sort of stability in the housing market. Unfortunately that is not what we are seeing right now.