S&P/Case-Shiller Home Price Indices Show Record Low Annual Declines Recorded in May
The S&P/Case-Shiller Home Price Indices show annual declines in the prices of existing single family homes across the United States generally continued to worsen in May 2008.
The 10-City Composite posted a new record low of -16.9%, and the 20-City Composite recorded a record low of -15.8%.
For the month of May, markets that experienced large gains in the recent real estate boom continue to be the biggest decliners. Miami and Las Vegas were the worst performers returning -3.6% and -2.9%, respectively. On a brighter note, Charlotte and Dallas have recorded three consecutive months of positive returns. These two markets are also showing the smallest annual declines, with Charlotte down 0.2% and Dallas down 3.1% versus May of 2007. From a longer-term perspective, since January 2000, the best performing markets are Washington, Los Angeles, New York and Miami. The value of housing in Detroit is lower than it was in January 2000. Over the month, no region reported gains in excess of 1%. But for those that reported monthly declines, three were in excess of 2%.
On a positive note, the researchers said, "One possible bright spot is that seven MSAs, while still negative, showed some improvement in their annual figures over those reported last month. Looking at the monthly statistics, seven of the 20 metro areas were positive for the May/April reading."
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