Home prices around the country got off to a rough start in 2012, according to the S&P/Case-Shiller Home Price Indices, released this week. But the news is less grim for the bulk of New York City.

The indices’ 10- and 20-city composites saw annual declines in home prices of 3.9 and 3.8 percent respectively, according to the report.

A handful of markets, including New York, saw slight improvements over December 2011 prices. Overall, however, New York and several other markets are struggling.

“Despite some positive economic signs, home prices continued to drop. The 10- and 20- city composites and eight cities – Atlanta, Chicago, Cleveland, Las Vegas, New York, Portland, Seattle and Tampa – made new lows,” said David M. Blitzer, chairman of the Index Committee at S&P Indices.

The news seems fairly downbeat, but not all industry heavyweights are buying the Case-Shiller numbers. Toll Brothers Inc. CEO Douglas Yearley on Tuesday told CNBC that his company was having its best spring in five years.

He highlighted Manhattan, parts of Brooklyn and Hoboken as areas where his company has “huge pricing power,” according to CNBC.

So evidence continues to mount that, while the New York metro area is hardly immune to the troubles of the housing market as a whole, the city itself seems to be insulated from the worst effects.