« Home sellers face $300 'green' audit | Main | Energy efficiency law hits homesellers »

U.S. home prices continue decline

American single family home prices ended 2008 with record declines, continuing that trend for a second straight year, according to a leading index released today. Standard & Poors/Case-Shiller U.S. national home price index fell 18% in the fourth quarter of 2008 compared to the same period a year ago, the largest decline in the index's 21-year history.

The sharpest declines from the previous year were in Phoenix (down 34%), Las Vegas (down 33%), San Francisco (down 31%), Miami (down 29%) and Los Angeles, which includes Orange County, (down 26%).

Las Vegas, Phoenix, Miami and San Francisco home prices were down more than 40% from their market peaks, which occurred at different times. Los Angeles-area home prices ended 2008 down 37% from their late 2006 peak.

"Most of the nation appears to remain on a downward path, with all of the 20 metro areas reporting annual declines," said David M. Blitzer, chairman of the index committee at Standard & Poors.

February 24, 2009 in World View [of real estate] | Permalink

TrackBack

TrackBack URL for this entry:
https://www.typepad.com/services/trackback/6a00d8341c51e453ef011168954d65970c

Listed below are links to weblogs that reference U.S. home prices continue decline:

Comments

We are seeing a tremendous increase in sales in Prince William County VA, but it is because prices have basically collapsed.

Posted by: Prince William Homes | Mar 1, 2009 8:12:48 PM

The Atlanta area has been incredibly hard hit. Prices and sales have rolled back to late 1990's sales prices, sales. It is a complete washout in equity.

Posted by: Atlanta real estate | Mar 1, 2009 10:40:59 AM

The comments to this entry are closed.