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Daily Real Estate News | May 30, 2007 |
U.S. Home Prices See Year-Over-Year Decline
U.S. home prices fell 1.4 percent in the first quarter compared with one year ago.
This is the first year-over-year decline in national home prices since 1991, according to the S&P/Case-Shiller index released Tuesday.
The 10-city Case-Shiller price index fell 1.9 percent year-on-year through March, while the 20-city index dropped 1.4 percent.
Thirteen of 20 cities have seen falling prices in the past year, led by Detroit, which was down 8.4 percent, and San Diego, where prices fell 6 percent.
Prices in Phoenix and Las Vegas have fallen the most from their peak. After growing at a 49.3 percent pace in September 2005, home prices in Phoenix are now down 3 percent year-on-year. In Las Vegas, price gains went from 53.2 percent in September 2004 to negative 1.6 percent in March 2007.
Home prices are down 4.9 percent in Boston, down 4.8 percent in Washington, down 3 percent in Tampa, down 2.4 percent in Cleveland, and down 2.3 percent in San Francisco. Prices fell 2 percent in Denver, 1.9 percent in Minneapolis, 1.4 percent in Los Angeles, and 1.1 percent in New York.
Source: Dow Jones Business News (05/29/2007)
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