All Top 20 US Real Estate Markets Show Year-Over-Year Declines

All 20 major US markets showed year-over-year home price declines during June.

The drop was led by Minneapolis where prices fell 10.4%. Prices in Portland were off 9.6%. In Phoenix they fell 9.3%. Price fell 7.4% in Chicago, and in Tampa where down by 7%.

The best performing market was Washington where prices were down 1.2% year-over-year in June.

S&P Cash Shiller management commented,

Data through June 2011, released today by S&P Indices for its S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, show that the U.S. National Home Price Index increased by 3.6% in the second quarter of 2011, after having fallen 4.1% in the first quarter of 2011. With the second quarter’s data, the National Index recovered from its first quarter low, but still posted an annual decline of 5.9% versus the second quarter of 2010. Nationally, home prices are back to their early 2003 levels. As of June 2011, 19 of the 20 MSAs covered by S&P/Case-Shiller Home Price Indices and both monthly composites were up versus May – Portland was flat. However, they were all down compared to June 2010.

Prices in June fell 6.6% in the carefully watched Detroit market which has been decimated by trouble in the auto industry. In the largest market, New York City, prices fell 3.6%

Douglas A. McIntyre

Sponsored: Attention Savvy Investors: Speak to 3 Financial Experts – FREE

Ever wanted an extra set of eyes on an investment you’re considering? Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help guide you through the financial decisions you’re making. And the best part? The first conversation with them is free.

Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.