Timely Information on the Sarasota Real Estate Market

Case-Shiller Reports Home Prices Fall 1.1% in December

The December 2011 Case-Shiller results were released last week (February 28, 2012). The indices revealed a 1.1% decline nationally from November and a 4.0% decline since the previous December. The Tampa market fell .2% between November and December, hitting a new cycle low. From last December, the Tampa index has fallen 4.3%.  The Miami market registered a .2% increase from November to December and a 3.8% decrease from December 2010 to December 2011. Measured from their peaks in 2006, the Tampa and Miami market are now off 51% and 53%, respectively. The 20 market national composite index is just 34% off its peak. The current indices for Tampa and Miami are back to summer 2002 levels while the 20 market national composite is back to February 2003.

 

In the press release, S&P noted that Las Vega, Seattle, and Atlanta joined Tampa in hitting new post crash lows during December. In addition to Miami, Phoenix was the only other market to increase from November to December.