by Calculated Risk on 8/26/2008 09:24:00 AM

S&P/Case-Shiller released their monthly Home Price Indices for June 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 - I'll have more on that later.

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 7.0% annual rate in June (from May), and is off 20.3% from the peak.

The Composite 20 index was off 5.9% annual rate in June (from May), and is off 18.8% from the peak.

Prices are still falling, but the rate of monthly price declines has slowed a little. Some of this may be seasonal, and prices will probably continue to decline for some time.

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

The Composite 10 is off 17.0% over the last year.

The Composite 20 is off 15.9% over the last year.

More on prices later ... including Q2 data, selected cities, and real prices.