Case-Shiller: Two housing markets up from last month, nine up year-on-year

The Case-Shiller Home Price Indices released this morning were a mixed bag. The data for January 2010 showed a decline of 0.7% from a year earlier. On a month-to-month basis prices fell 0.4%.

Yet nine of the 20 markets in the Composite-20 now have year-on-year price increases.

Nevertheless, only two of the twenty markets in the Composite-20 showed price gains last month. This narrowing of price inflation began in the summer of 2009 and has continued every month since then. While much of this may reflect seasonality, it is not reflective of a housing market that is about to take off.

Bottom line: US house prices are no longer in freefall. But, the market remains fairly weak. Some of the weakness right now is due to seasonal factors. However, the data for the Spring and Summer will help us gauge how much is seasonality and how much is softness in the market.

(More charts below)