Updated S&P/Case-Shiller Housing Numbers
The November S&P/Case-Shiller housing numbers were released this morning, and they weren't pretty. Just one city -- Phoenix -- saw a month-over-month gain, while the other 19 cities tracked saw home prices decline from October to November. Chicago took the biggest month-over-month hit at -3.38%. Atlanta and Detroit also saw declines of more than 2%.
Just two cities were up on a year-over-year basis from November 2010 to November 2011 as well -- DC at 0.50% and Detroit at 3.76%. Atlanta (-11.78%) and Las Vegas (-9.13%) saw the biggest year-over-year declines in November.
The Composite 10- and 20-City indices were both down roughly 1.3% month-over-month and 3.5% year-over-year.
Below is a chart showing how far each city is currently down from its all-time high. As shown, the two composite indices are still down 33%. Las Vegas is down the most at 61%, while Phoenix ranks second to last at -56%. Miami is the only other city that is down more than 50% from its highs. On the plus side, if you want to call it that, Dallas is down the least from its all-time highs at 10%, while Denver is down 11%. Boston and Charlotte are the only other two cities down less than 20% from their highs.
The two composite indices have barely bounced off of their recent lows. The 10-city is up 1% from its low, while the 20-city is up 0.6%. Tampa, Atlanta, Las Vegas and Seattle all made new post-bubble lows in November. Washington DC has bounced the most off of its lows at 11.3%.