Despite Gains, Case Shiller Price Index Remains Below 2006 Levels

  • While home prices have grown steadily this spring, they remain low relative to the market’s peak in 2006.
  • Through March, the Case-Shiller price index for the 20 major metro areas was up 10.9% as compared to the same period in 2012 and each of the 20 markets in the index was up over this period.
  • However, all but one of the 20 markets were below their levels from March of 2006 and all but three were still down by double-digit figures.
  • Dallas was the sole market that was stronger over this 6-year period by 0.6%, but the Texas markets largely avoided the loose lending and heady price growth from 2003 through 2006.
  • More than half of the markets in the index, 14, were down by 20% or more compared to March of 2006 and Las Vegas was down in excess of 53%.
  • Markets in California and the sand states of Florida, Nevada and Arizona were  down by the largest amounts despite frenzied investor purchases.

Ken Fears, Director, Regional Economics and Housing Finance

Ken Fears is the Manager of Regional Economics and Housing Finance Policy. He focuses on regional and local market trends found in the Local Market Reports and the Market Watch Reports . He also writes on developments in the mortgage industry and foreclosures.

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