According to the S&P/Case-Shiller Home Price Indices, January 2012 home prices fell 3.8 percent compared to January 2011. The report also indicates that prices fell from December to January in 16 of 19 markets tracked. Charlotte, N.C., was not included due to reporting delays. Phoenix, Detroit and Denver were the only 3 markets that experienced price gains. 8 of the 20 markets actually saw new lows in January. Those 8 markets are Atlanta, Chicago, Cleveland, Las Vegas, New York, Portland, Seattle and Tampa. As illustrated by the graph below, the index shows that prices are back to early 2003 levels. January’s prices represent a 34% decrease from 2006 levels.
Conversely, the National Association of Realtors predicts that not only will home prices rebound this year, but that existing home sales will jump 7 to 10 % in 2012. If correct, that would represent the highest sales level seen in 5 years.
| Metro area |
Change December-January |
Change from year ago |
| Atlanta |
-2.1% |
-14.8% |
| Boston |
-0.4% |
-2.8% |
| Chicago |
-1.9% |
-6.6% |
| Cleveland |
-2.0% |
-3.3% |
| Dallas |
-0.4% |
-1.2% |
| Denver |
-0.6% |
0.2% |
| Detroit |
-1.1% |
1.7% |
| Las Vegas |
-0.5% |
-9.0% |
| Los Angeles |
-0.8% |
-5.4% |
| Miami |
0.6% |
-1.9% |
| Minneapolis |
-0.8% |
-1.8% |
| New York |
-0.8% |
-2.9% |
| Phoenix |
0.9% |
1.3% |
| Portland |
-2.1% |
-4.3% |
| San Diego |
-1.1% |
-5.3% |
| San Francisco |
-2.5% |
-5.9% |
| Seattle |
-0.7% |
-4.0% |
| Tampa |
-0.8% |
-3.8% |
| Washington |
0.7% |
-0.6% |
| Composite-20 |
-0.8% |
-3.8% |
Sources: S&P Indices and Fiserv.
