Yesterday, I wrote about the big existing home sales decline in December. Today, another important housing market metric was released: the S&P/Case-Shiller Home Price Indices for November. The news here isn't any better here. Both, its 10-city and 20-city composite price averages were down in November. Prices were down for 16 of the 20 metropolitan areas it tracks. The indices trend isn't encouraging.
There's obviously a big reversal there. In November, the Composite-20 prices declined for the second-straight month after entering positive territory in May, while the Composite-10 month-over-month change went negative for the first time since April.
The few major cities that did well are mostly on the west coast. They include Phoenix, Los Angeles, San Diego, San Francisco and Portland. Dallas and Miami were essentially unchanged, but all others declined.
Again this news isn't very positive overall. As mentioned yesterday, November was actually a relatively good month for the housing market compared with December -- and even there prices mostly declined, according to S&P/Case Shiller. So I'd expect these indices to decline even further in the first part of 2010.
* This data does not appear to be seasonally adjusted -- sorry for any confusion.