Case Shiller Data released through March 2012 released today
While inventory continues to be very low and multiple offers are not uncommon in San Diego, the Case Shiller report is more about using a shotgun to kill an ant. Spend some time with the index and you can find a bunch of positive trends, especially for San Diego and other recovering markets.
Typical of the Case Shiller the top paragraph says all three headline composites ended the first quarter of 2012 at new post-crisis lows. The national composite fell by 2% in the first quarter of 2012 and was down 1.9% versus the first quarter of 2011.
The 5 cities Atlanta, Chicago, Las Vegas, New York, and Portland saw average prices hit new lows. The report did note that this was an improvement from the nine cities reported the month before.
“There are some better numbers: Only three cities – Atlanta, Chicago and Detroit – saw annual rates of change worsen in March. The other 17 cities and both composites saw improvement in this statistic, even though most are still showing a negative trend. Moreover, there are now seven cities – Charlotte, Dallas, Denver, Detroit, Miami, Minneapolis and Phoenix – where the annual rates of change are positive. This is what we need for a sustained recovery; monthly increases coupled with improving annual rates of change. Once we see this on a broader level we will be able to say the market has turned around.
San Diego 2012 Quarter One level was 149.68. Percentage of change from March/February of 0.4% or February/January of 0.2%. One year percentage change -2.07%.