This chart hasn’t been shown here in about six months but, given the official double-dip for the S&P Case-Shiller Home Price Index in March as reported earlier today – overall home prices falling below the prior post-housing bubble low seen in early-2009 – now seemed like as good a time as any to dust it off and freshen it up.
The March home price data was not good, that is, unless you live in Washington D.C. (where they, literally, are printing money) or if you’re wanting real estate values to fall in other parts of the country to more reasonable levels so you can buy one. As shown above, the nation’s capital was once again the only region to show a monthly increase in prices, now sporting a sizable 4.3 percent year-over-year gain.
The 20-city index dropped 0.8 percent from February to March and, on a seasonally adjusted basis, it was down 0.2 percent, distressed sales apparently having an even bigger impact on prices than normal at this time year. On a year-over-year basis, the 20-city index is now 3.6 percent lower while the 10-city index is down 2.9 percent, consistent with most other measures of home prices.