By the Numbers: S&P/Case-Shiller U.S. National Home Price Index continues upward trend

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Current level of the 20-City Composite Home Price Index, part of the Standard & Poor's/Case-Shiller U.S. National Home Price Index, which tracks residential prices in housing markets nationwide. The August 2009 level marks four consecutive months of improved readings and is up 1.2 percent from July, although it is still down 11.3 percent from it was a year ago. The index is calculated monthly and published with a two-month lag.

"While many of the markets remain down versus this time last year, the relative rate of decline has shown some real improvement," said David M. Blitzer, chairman of the Index Committee at Standard & Poor's, in today's press release. "California, in particular, has seen some real positive prints in recent months." The price index in San Francisco climbed 2.8 percent from July to August, behind only Minneapolis, which saw an increase of 3.2 percent. Charlotte, Cleveland, and Las Vegas were the only three markets whose price index fell from July to August.

The rise in the 20-City Composite Home Price Index comes at a time when the overall economy is expected to show 3.5 percent growth in the third quarter. But, said Blitzer, "We do want to remind people of the upcoming expiration of the federal first-time buyer's tax credit in November and anticipated higher unemployment rates through year end. Both may have a dampening effect on home prices."—Daniel DiClerico | e-mail | Twitter | Forums | Facebook

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