Annual Decline in US Home Prices Accelerates
So much for the slowing rate of decline in US home sales prices over the past few months: the pace of decline in the S&P/Case-Shiller Home Price Indices accelerated in September. The 10-City and 20- City Composites continued to set new records, with annual declines of 18.6% and 17.4%, respectively.
Looking at the returns of the U.S. National Index, prices are back to where they were in early 2004.
As of September 2008, the 10-City Composite is down 23.4% from its peak, the 20-City Composite is down 21.8% and the National Composite is down 21.0%.
Phoenix was the weakest market, reporting an annual decline of 31.9%, followed by Las Vegas, down 31.3%, and San Francisco at -29.5%. Miami, Los Angeles, and San Diego did not fare much better with annual declines of 28.4%, 27.6% and 26.3%, respectively.
Dallas and Charlotte fared the best in September in terms of relative year-over-year returns. While also in negative territory, their declines remained in single digits of -2.7% and -3.5%, respectively. However, both are at rates of decline lower than those reported in August’s numbers. In addition, Charlotte also reported its largest monthly decline on record, down 1.3%. Monthly returns were negative across the board. Cleveland was the one market that showed any improvement in its year-over-year returns reporting -6.4% compared to the -6.6% reported for August.
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