The S&P/Case-Shiller Home Price rose 4.4 percent in the second quarter of 2010, after having fallen 2.8 percent in the first quarter. Nationally, home prices are 3.6 percent above their year-earlier levels, though Las Vegas prices declined.
In June, 17 of the 20 MSAs covered by S&P/Case-Shiller Home Price Indices and both monthly composites were up; and the two composites and 15 MSAs showed year-over-year gains. Housing prices have rebounded from crisis lows, but other recent housing indicators point to more ominous signals as tax incentives have ended and foreclosures continue.
Seventeen of the 20 metro areas showed an increase in June compared to May – Las Vegas was down 0.6 percent, Phoenix and Seattle were both flat. Sixteen MSAs were positive for all three months of the quarter. Minneapolis, San Diego, San Francisco and Washington have shown recovery from recent lows of +15.9 percent, +13.4 percent, +21.1 percent and +12.0 percent, respectively. San Diego, in particular, has stood out with 14 consecutive months of increasing home prices. Las Vegas continues to be weak, it was the only market that fell in two months of the second quarter. Home prices in that city are very close to their January 2000 levels.