Case-Shiller Index: Home prices drop 0.5% In March
Home prices in the Top 20 Metropolitan Areas declined 0.5% in March, according to the Standard & Poor’s Case-Shiller Index. It was the sixth consecutive monthly drop. The big winner was Cleveland with a 1.8% increase over February. Detroit suffered a catastrophic drop of 4.1% over the previous month. The biggest loser in this current market downturn continues to be Las Vegas where prices are off 56.3% from their peak. Las Vegas suffered a 0.8% decrease over February. Overall, home prices in the Top 20 Metropolitan Areas were down 30.6% from their July, 2006 peak .
Here’s a look at how the individual Top 20 Metropolitan Areas are performing:
- Phoenix: Down 0.5% over February, down 51.8% from their peak.
- Los Angeles: Down 0.7% over February, down 37.7% from their peak.
- San Diego: Up 1.5% over February, down 36.0% from their peak.
- San Francisco: Up 1.5% over February, down 37.4% from their peak.
- Denver: Up 0.6% over February, down 10.7% from their peak.
- Washington DC: Down 0.7% over February, down 30.2% their peak.
- Miami: Down 0.9% over February, down 48.0% from their peak.
- Tampa: Down 0.1% over February, down 42.7% from their peak.
- Atlanta: Down 1.8% over February, down 24.0% from their peak.
- Chicago: Down 2.3% over February, down 29.0% from their peak.
- Boston: Unchanged over February, down 17.0% from their peak.
- Detroit: Down 4.1% over February, down 46.7% from their peak.
- Minneapolis: Down 2.7% over Februarydown 31.8% from their peak.
- Charlotte: Down 1.1% over February, down 15.8% from their peak.
- Las Vegas: Down 0.8% over February, down 56.3% from their peak.
- New York: Down 0.7% over February, down 21.5% from their peak.
- Cleveland: Up 1.8% over February, down 16.3% from their peak.
- Portland: Down 0.1% over February, down 23.0% from their peak.
- Dallas: Up 0.4% over February, down 8.5% from their peak.
- Seattle: Up 0.1% over February, down 25.3% from their peak.
Given the continued fall in prices in March, it would seem that the market has yet to hit bottom.
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