S&P/Case-Shiller Home Price Index Shows Annual Decline of 15.9%, But Acceleration of Decline May Be Slowing

August 26, 2008 9:50 AM EDT

S&P/Case-Shiller Index for June showed annual declines of 15.9% for the 20-City Composite. However, the report noted that the acceleration in decline was only moderate from May, which showed annual declines of 15.8%.

David M. Blitzer, Chairman of the Index Committee at Standard & Poor's, said, "While there is no national turnaround in residential real estate prices, it is possible that we are seeing some regions struggling to come back, which has resulted in some moderation in price declines at the national level." He also said, "The rate of home price decline may be slowing."

Las Vegas remains the weakest market, reporting an annual decline of 28.6%, followed by Miami and Phoenix at -28.3% and -27.9%, respectively. Phoenix was the worst performer for the June to May period, returning -2.6%.

On the plus side, Denver and Boston were the best performing markets for the month, returning +1.5% and +1.2%, respectively. Both these markets have had three consecutive months of positive returns. They are outdone by Charlotte and Dallas, however, which have recorded four consecutive months of positive returns.

Stocks Mentioned

Related Entities

• Standard & Poor's
• S&P/Case-Shiller Home Price Index

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