Wednesday, April 01, 2009
Phoenix takes biggest hit in home price index
Housing prices in 20 major cities fell at record monthly and annual levels in January, and Phoenix has the dubious distinction of leading the declines, according to the S&P Case-Shiller Home Price Index.
The private report released Tuesday shows prices down 2.8 percent from December nationally and 19 percent from a year earlier. While those are record losses, they pale in comparison to the 35 percent annual drop in home values in the Phoenix metro area. Las Vegas was close behind with a drop of 32.5 percent. San Francisco and Miami were next.
The S&P Case-Shiller index compares price changes recorded when homes are resold.
The 20-city index has fallen for 30 straight months. Month-over-month home prices fell in all 20 markets during January and are now at late 2003 levels.
All told, prices have plunged 29 percent nationally since they peaked during the second quarter of 2006, according to Case-Shiller. Average Phoenix home prices are off 48.5 percent from the peak, a bigger drop than in any metro area. Other major losses were absorbed by: Las Vegas, Miami, San Francisco and San Diego. Each has seen home prices decline more than 40 percent from their peaks.
All 20 index cities were in negative territory, with Dallas being the least affected at a loss of 4.9 percent.
The private report released Tuesday shows prices down 2.8 percent from December nationally and 19 percent from a year earlier. While those are record losses, they pale in comparison to the 35 percent annual drop in home values in the Phoenix metro area. Las Vegas was close behind with a drop of 32.5 percent. San Francisco and Miami were next.
The S&P Case-Shiller index compares price changes recorded when homes are resold.
The 20-city index has fallen for 30 straight months. Month-over-month home prices fell in all 20 markets during January and are now at late 2003 levels.
All told, prices have plunged 29 percent nationally since they peaked during the second quarter of 2006, according to Case-Shiller. Average Phoenix home prices are off 48.5 percent from the peak, a bigger drop than in any metro area. Other major losses were absorbed by: Las Vegas, Miami, San Francisco and San Diego. Each has seen home prices decline more than 40 percent from their peaks.
All 20 index cities were in negative territory, with Dallas being the least affected at a loss of 4.9 percent.
Labels: "home inspection", "time to buy", housing prices, Phoenix home inspection, price index
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