by Calculated Risk on 7/29/2008 09:00:00 AM

S&P/Case-Shiller released their monthly Home Price Indices for May this morning. This includes prices for 20 individual cities, and two composite indices (10 cities and 20 cities). Note: This is not the quarterly national house price index.

Click on graph for larger image in new window.

The first graph shows the nominal Composite 10 and Composite 20 indices (the Composite 20 was started in January 2000).

The Composite 10 index was off 10.4% annual rate in May (from April), and is off 19.8% from the peak.

The Composite 20 index was off 8.9% annual rate in May (from April), and is off 18.4% from the peak.

The rate of price declines has slowed a little

The second graph shows the Year over year change in both indices.

The Composite 10 is off 16.9% over the last year.

The Composite 20 is off 15.8% over the last year.

More on prices later ... including selected cities, real prices, and some thoughts on the slowing rate of price declines.