The latest S&P/Case-Shiller figures just hit the tape, and they continue to show home prices heading south. The 20-city index dropped 18.7% year-over-year in March, ever-so-slightly worse than the 18.67% drop in February.
On a month-over-month basis, prices slipped 2.17%. That was ever-so-slightly better than the 2.21% monthly decline in February and the smallest monthly drop since September. Prices declined in 17 out of 20 cities on a monthly basis and in all 20 cities on a YOY basis. The worst YOY drops could be found in Phoenix (-36%), Las Vegas (-31.2%), San Francisco (-30%), and Miami (-28.7%). Denver (-5.5%) and Dallas (-5.6%) performed the best.
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And that index is based on the declared sales figure.
Not the real one.
Most homes in Michigan are selling with huge concessions that keep the reported price inflated while refunding or discounting off the books.
Wonder what this index would look like if all the concessions were figured into it? Shocking I’m sure.