Housing

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

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