NEW YORK ( TheStreet) - The widely followed Case-Shiller Home Price Index out this morning showed a decline for November compared to October, but just barely.
The Composite-10 Index, covering 10 of the largest metropolitan housing markets, was $158,490 in November, down from $158,820 in October. The broader Composite-20 showed similar results, with a decline from October of 0.2%, the same as the Composite-10.
Compared to a year ago, prices for the two indexes were down 4.5% (Comp-10) and 5.3% (Comp-20). The year-over-year rates of price decline continue to improve, as shown in the graph provided by S&P Case-Shiller below.
Another monthly housing price index was also published today by the Federal Housing Finance Agency. This report, which covers homes sold with FHA conforming mortgages, found that prices rose 0.7% for November from October. Year over year, November was up 0.5%. This indicates that homes with FHA mortgages are behaving better than the complete market. The FHA conforming market is restricted to mortgages less than about $420,000, the limit for most areas of the country.
The fourth home price measurement is the New Home Median Price compiled by the U.S. Census Bureau. That report for December will be issued Wednesday.
The following graph shows the behavior of all four indexes since the housing market prices peaked in early 2007.
- The quadratic trend lines for C-S and FHFA are cupped (curving toward the up side) indicating price trend improvement.
- The NAR quadratic trend line is domed (curving downward) indicating price trend degradation. The new home price quadratic trend line is nearly linear indicating little trend change.
- The seasonal cycling effect is obvious in the NAR data.
- All four curves are above their quadratic trend lines, a positive situation.
- The three-month moving averages are all very close to the 12-month moving averages. This is a neutral situation.