Economists' Outlook

Housing stats and analysis from NAR's research experts.

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.

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