Housing

Home Prices Are Falling Again

Home prices fell 3.2 percent in the first quarter of this year, compared to the fourth quarter of last year. But prices are still above where they were last spring.

That's according to the latest update of the Case-Shiller index, out this morning.

The decline came even as the government and the Fed threw the kitchen sink at the housing market, an effort that included the Treasury paying people to buy houses and the Fed buying more than $1 trillion in mortgage bonds.

Here's a graph that shows the Case-Shiller 20-city composite over the past several years; that number on the right indicates that, as of March, home prices had risen about 43% since January, 2000. But as the graph shows, prices are way down from the peak of the bubble.

Case Shiller
(Alyson Hurt/NPR)

After the jump: A table that shows how home prices are doing in 20 metro areas around the country. There's some interesting variation, with prices rising in some places and falling in others.

Here are the Case-Shiller numbers for March:












Metro AreaMarch 2010Monthly Change9Annual
Change
Atlanta103.74-1.8%-1.3%
Boston151.420.0%3.8%
Charlotte114.74-1.1%-3.9%
Chicago119.71-2.3%-2.3%
Cleveland103.321.8%6.7%
Dallas115.740.4%3.0%
Denver125.310.6%4.1%
Detroit67.66-4.1%-4.6%
Las Vegas102.58-0.8%-12.0%
Los Angeles170.62-0.7%6.0%
Miami146.15-0.9%-1.7%
Minneapolis116.66-2.7%6.5%
New York169.42-0.7%-2.4%
Phoenix109.52-0.5%2.4%
Portland143.61-0.1%-2.8%
San Diego160.221.5%10.8%
San Francisco136.741.5%16.2%
Seattle143.730.1%-3.6%
Tampa136.46-0.1%-3.5%
Washington175.28-0.7%5.6%
Composite143.35-0.5%2.3%

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