Home Prices in U.S. Cities Fell 3.1%

2011 March 29

The housing market remains weak, with falling prices and slumping sales for the sixth straight monthly decline.

The Standard & Poor’s/Case-Shiller Home Price Indices measure the US residential housing market and track changes in the value of residential real estate both nationally as well as in 20 metropolitan regions.

Property values in 20 cities fell 3.1% from January 2010, the biggest year-over-year decrease since December 2009.

“The housing-market recession is not yet over, and none of the statistics are indicating any form of sustained recovery,” said David Blitzer, chairman of the S&P index committee.
“At most, we have seen all statistics bounce along their troughs; at worst, the feared double-dip recession may be materializing.”

The median price of existing homes, which make up more than 95% of the market, slid 5.2% from a year earlier, according to the National Association of Realtors.

RealtyTrac projects foreclosure filings may climb about 20% in 2011, reaching a peak for the housing crisis. With unemployment near 9%, the number of distressed properties may increase and leading to more price declines as homeowners struggle to make mortgage payments.

Phoenix, AZ  down 9.1%
Detroit, MI  down 8.1%
Portland, OR  down 7.8%
Minneapolis, MN  down 7.6%
Chicago, IL  down 7.5%
Tampa, FL  down 7.0%
Atlanta, GA  down 7.0%
Seattle, WA  down 6.7%
Charlotte, NC  down 4.8%
Miami, FL  down 4.7%
Las Vegas, NV  down 4.4%
Cleveland, OH  down 3.8%
New York, NY  down 3.0%
Dallas, TX  down 2.8%
Denver, CO  down 2.3%
Los Angeles, CA  down 1.8%
San Francisco, CA down 1.7%
Boston, MA  down 0.6%
San Diego, CA  up 0.1%
Washington, DC  up 3.6%

Existing Home Sales Falls 9.6% in February 2011