April Case-Shiller 20 City Home Price Index Falls -2.1% YoY, as expected

The 10 city index, which is focused on the more bubbly areas, fell a larger -2.7% YoY. While these annual changes reflect new record level declines for the indexes, on a three month annualized basis, both indexes are showing a slight deceleration in the rate of decline. The 20 city composite is now running at -3.6% (3m annualized), down from 6% in February. The 10 city composite has fallen to -4.2% (3m annualized) in April, versus -6.1% in February.

In April, the city showing the largest MoM decline remains Detroit, down -.2.5% MoM (-9.4% YoY). On an annual basis, the next largest decline is in San Diego (-6.7% YoY), followed by Washington, DC (-5.7% YoY). Phoenix and Tampa trail with declines of -4.5 to 5% YoY.

Seattle continues to show the most strength, with house prices rising +1.3% MoM and +9.6% YoY. Other areas showing strength are Charlotte and Portland, each rising over 6% YoY. Dallas is also showing strength this month, rising +1.3% MoM, perhaps tied to rising oil fortunes?

For comparison, the national existing home price index for April showed an annual decline of -1.3% YoY. The Case-Shiller index is more heavily weighted toward California and Florida than the national index.