Case-Shiller Index: Home prices down 0.2% In August
Home prices in the Top 20 Metropolitan Areas fell 0.2% in August, according to the Standard & Poor’s Case-Shiller Index. This drop ended four months of consecutive price increases. The big winner for a second month is a row was Detroit with a 0.5% increase over June. Phoenix was the biggest loser suffering a drop of 1.3% over the previous month. The biggest overall loser in this current market downturn continues to be Las Vegas where prices are off 57.0% from their peak. Overall, home prices in the Top 20 Metropolitan Areas are down 28.1% from their July, 2006 peak .
Here’s a look at how the individual Top 20 Metropolitan Areas are performing:
- Phoenix: Down 1.3% over July, down 52.1% from their peak.
- Los Angeles: Down 0.4% over July, down 35.9% from their peak.
- San Diego: Down 0.6% over July, down 34.5% from their peak.
- San Francisco: Up 0.3% over July, down 34.6% from their peak.
- Denver: Down 0.1% over July, down 8.3% from their peak.
- Washington DC: Up 0.3% over July, down 25.0% their peak.
- Miami: Down 0.3% over July, down 47.5% from their peak.
- Tampa: Down 0.5% over July, down 42.2% from their peak.
- Atlanta: Down 0.8% over July, down 20.1% from their peak.
- Chicago: Up 0.4% over July, down 24.9% from their peak.
- Boston: Down 0.3% over July, down 13.2% from their peak.
- Detroit: Up 0.5% over July, down 44.7% from their peak.
- Minneapolis: Down 0.3% over July, down 26.1% from their peak.
- Charlotte: Down 0.4% over July, down 14.2% from their peak.
- Las Vegas: Up 0.1% over July, down 57.0% from their peak.
- New York: Up 0.2% over July, down 18.8% from their peak.
- Cleveland: Down 0.3% over July, down 13.4% from their peak.
- Portland: Down 0.9% over July, down 21.2% from their peak.
- Dallas: Down 1.1% over July, down 5.6% from their peak.
- Seattle: Down 0.8% over July, down 24.1% from their peak.
After four consecutive months of price increases, August’s price drop could mean a stalled recovery in the housing market.
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