Case Schiller release their home price report yesterday showing that home price declines have slowed in the majority of the markets studied.  Home prices fell in the fourth quarter of 2009 compared to the same period in 2008, but at a lower year-over-year rate than the first three quarters of 2009. The report shows home prices dropped 2.5 percent year-over-year in the fourth quarter, compared to year-over-year drops of 19 percent in the first quarter, 14.7 percent in the second, and 8.7 percent in the first, according to the report.

Where are prices at?

According to the report as of last quarter, home prices are at the same level they were in the summer of 2003. The S&P tracks the 10-city and 20-city home price indices monthly. The indices have a base value of 100 and anything above 100 represents the percentage of home value appreciation since January 2000.

The national index for the fourth quarter was 136.09, meaning home values have increased about 36 percent since January 2000. The figure represents a 0.3 percent seasonally adjusted quarterly increase, a 1.1 percent non-seasonally adjusted quarterly decline and a 2.5 percent year-over-year decline.  Charlotte’s index is 117.78.  The annual change in 2009 was drop of 3.8%.

The first quarter of 2009 saw a record year-over-year decline since the index’s launch in 2006: 19.1 percent.

The 10-city composite posted an index of 158.18 in December, a non-seasonally-adjusted month-to-month decline of 0.2 percent and a year-over-year decline of 2.4 percent. The 20-city composite posted a 145.9 index for the same month, also a non-seasonally-adjusted month-to-month decline of 0.2 percent, and a year-over-year decline of 3.1 percent.

To view the full report visit the S&P Case Schiller website.