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Home Price Changes

December 3rd, 2007 11:53 PM by Lehel Szucs

Daily Real Estate News | November 28, 2007S&P Index Reveals Price Changes in 20 Markets

Prices of single-family homes in the third quarter fell 4.5 percent nationwide compared with a year ago.

It was the largest drop since the Standard & Poor’s/Case-Shiller National Home Price Index was begun in 1988.

"We are fast approaching the rate of price decline seen at the end of the 1990-1991 recession," Joshua Shapiro, chief United States economist at MFR, wrote in a research note. "The odds strongly favor blowing past this mark in coming months."

Robert J. Shiller, chief economist at MacroMarkets and the founder of the index, says: "Most of the metro areas continue to show declining or decelerating returns on both an annual and monthly basis. All 20 metro areas were in decline in September over August. Even the five metro areas that still have positive annual growth rates Atlanta, Charlotte, Dallas, Portland, and Seattle show continued deceleration in returns."

Here is the one-year change in the 20 metro areas included in the index:

Atlanta: 0.4 percent

Boston: -3.2 percent

Charlotte: 4.7 percent

Chicago: -2.5 percent

Cleveland: -4.0 percent

Dallas: 0.2 percent

Denver: -0.9 percent

Detroit: -9.6 percent

Las Vegas: -9 percent

Los Angeles: -7 percent

Miami: -10 percent

Minneapolis: -4.5 percent

New York: -3.6 percent

Phoenix: -8.8 percent

Portland: 2.2 percent

San Diego: -9.6 percent

San Francisco: -4.6 percent

Seattle: 4.7 percent

Tampa: -11.1 percent

Washington: -6.6 percent

Source: Standard & Poor’s (11/27/07)

Posted in:General
Posted by Lehel Szucs on December 3rd, 2007 11:53 PM



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