Case-Shiller Index: Home prices down 0.7% In September
Home prices in the Top 20 Metropolitan Areas fell 0.7% in September, according to the Standard & Poor’s Case-Shiller Index. This was the second consecutive drop. The big winner was Washington D.C. with an anemic 0.3% increase over August. Cleveland was the biggest loser suffering a drop of 3.0% over the previous month. The biggest overall loser in this current market downturn continues to be Las Vegas where prices are off 56.9% from their peak. Overall, home prices in the Top 20 Metropolitan Areas are down 28.6% from their July, 2006 peak .
Here’s a look at how the individual Top 20 Metropolitan Areas are performing:
- Phoenix: Down 1.5% over August, down 52.9% from their peak.
- Los Angeles: Down 0.1% over August, down 36.0% from their peak.
- San Diego: Down 1.0% over August, down 35.1% from their peak.
- San Francisco: Down 0.9% over August, down 35.2% from their peak.
- Denver: Down 1.0% over August, down 9.2% from their peak.
- Washington DC: Up 0.3% over August, down 24.8% their peak.
- Miami: Down 1.2% over August, down 48.1% from their peak.
- Tampa: Down 0.8% over August, down 42.7% from their peak.
- Atlanta: Down 1.0% over August, down 21.0% from their peak.
- Chicago: Down 1.5% over August, down 26.0% from their peak.
- Boston: Down 1.3% over August, down 14.3% from their peak.
- Detroit: Down 1.3% over August, down 44.4% from their peak.
- Minneapolis: Down 2.1% over August, down 27.7% from their peak.
- Charlotte: Down 1.0% over August, down 15.1% from their peak.
- Las Vegas: Up 0.1% over August, down 56.9% from their peak.
- New York: Down 0.3% over August, down 19.1% from their peak.
- Cleveland: Down 3.0% over August, down 16.0% from their peak.
- Portland: Down 1.9% over August, down 22.6% from their peak.
- Dallas: Down 1.6% over August, down 7.1% from their peak.
- Seattle: Down 0.6% over August, down 24.6% from their peak.
Given that only two of the Top 20 housing markets posted mediocre increases in September, there should be real concern about the recovery in the housing market.
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