Home Prices Continue to Decrease
Prices of existing single-family homes show continued declines across the United States according to the August 2008 S&P Case-Shiller Home Price Index.
The report shows record annual declines in both the 10-City and 20-City Composite Home Price Indices of 17.7 percent and 16.6 percent. Nine regions are reporting annual declines.
Miami is reporting a loss of 28.1 percent and Tampa is reporting a 18.1 percent loss. The three California markets are down more than 25 percent from values reported a year ago. Las Vegas is reporting an annual return of -30.6 percent and Phoenix is reporting an annual return of -30.7 percent. San Francisco’s return of -3.5 percent was the largest monthly decline.
“The downturn in residential real estate prices continued, with very few bright spots in the data. David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s, noted. “The 10-City Composite and the 20-City Composite reported record 12-month declines. Furthermore, for the fifth straight month, every region reported negative annual returns. This started when Charlotte, North Carolina, was the last region to turn negative back in April 2008. Both the 10-City and 20-City Composites have been in year-over-year decline for 20 consecutive months. Of the 20 regions, 13 of them had their annual returns worsen from last month’s report.”
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