With today’s report, the S&P/Case-Shiller 10- and 20-City Home Price Composites fell to new post-crisis lows in January 2012. Both indices fell by 0.8% over the month, are down about 3.8% versus January 2011, and have declined by 34.4% since their relative 2006 peaks. Average home prices are back to their late 2002/early 2003 levels nationally.
In addition to the Composites, eight MSAs — Atlanta, Chicago, Cleveland, Las Vegas, New York, Portland, Seattle and Tampa — all hit their lowest levels as measured by the current housing cycle. The 20-City Composite’s January 2012 level is the lowest since December 2002; the 10-City Composite’s is the lowest since May 2003.