Equally important is the month-to-month change in value. Only New York, Portland, and Washington DC posted positive gains from August 2011 to September 2011.
The national index posted an annual decline of 3.9%, an improvement over the 5.8% decline posted in the second quarter, which suggests that the pace of decline has slowed. Only 3 cities posted new lows in house values in September 2011; Atlanta, Las Vegas, and Phoenix. Nationally, house prices are back to their 2003 levels.
Living in San Diego, I am most concerned about my local market. Unfortunately, San Diego posted a 0.8% decline from August 2011 to September 2011 and a 5.4% decline since September 2010. Essentially, that means a drop in value of $2,400 on a $300,000 house from August to September and $16,200 from September to September.
The Case-Shiller Home Price Index tracks the price of typical single-family houses located in each metropolitan area provided. Condominiums, multi-family houses, and new construction are not included. Additionally, the data is a quarter old and may not reflect the current market activity. While the index can provide you with a general idea of the housing market, it shouldn't be used as the basis for a decision as to whether or not now is a good time to buy.
It is always best to seek the advice of a local real estate agent you trust because all real estate is local and they are in the best position to provide data relative to your specific purchase, be it a particular city, zip code, neighborhood, or street.
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