The Case-Shiller report is out for November home prices and it paints the usual grim picture. Here is a summary from the WSJ Real Time Economics site.
The indexes showed prices in 10 major metropolitan areas fell 19.1% in November from a year earlier and 2.2% from October. The drop marks the 10-city index’s 14th-straight monthly report of a record decline. In 20 major metropolitan areas, home prices dropped 18.2% from the prior year, also a record, and 2.2% from October.
As of November, the 10-city index is down 27% from its mid-2006 peak and the 20-city is down 25%. The two indexes have fallen every month since August 2006, 28 straight.
Believe it or not there was a germ of good news in the report. The 10 city composite index fell at a year-over-year rate of 19.1% which was the same as the rate of decline in October. That’s the first time since prices started declining that we haven’t seen an increase in the rate of decline. I know it doesn’t sound like much but you can’t start recovering until you stop declining. Hey, it’s early in the day so I stll have some morning optimism.
Here are the numbers for individual cities and here is the link to the actual report.
(About the numbers: The Case Shiller indices have a base value of 100 in January 2000. So a current index value of 150 translates to a 50% appreciation rate since January 2000 for a typical home located within the metro market.)
Home Prices, by Metro Area
| Metro Area | November 2008 | Change from October | Year-over-year change |
| Atlanta | 116.57 | -2.7% | -11.2% |
| Boston | 155.03 | -2.6% | -7.4% |
| Charlotte | 125.61 | -1.9% | -5.3% |
| Chicago | 141.44 | -2.8% | -12.5% |
| Cleveland | 107.43 | -1.2% | -5.2% |
| Dallas | 118.34 | -1.9% | -3.3% |
| Denver | 127.65 | -1.1% | -4.3% |
| Detroit | 83.42 | -3.1% | -20.7% |
| Las Vegas | 138.04 | -3.3% | -31.6% |
| Los Angeles | 175.85 | -2.2% | -26.9% |
| Miami | 169.62 | -2.2% | -28.7% |
| Minneapolis | 133.22 | -2.1% | -16.3% |
| New York | 186.81 | -1.6% | -8.6% |
| Phoenix | 130.54 | -3.4% | -32.9% |
| Portland | 162.62 | -2.3% | -11.5% |
| San Diego | 155.47 | -2.3% | -25.8% |
| San Francisco | 135.28 | -3.0% | -30.8% |
| Seattle | 166.23 | -2.5% | -11.2% |
| Tampa | 160.86 | -2.8% | -20.9% |
| Washington | 180.50 | -2.4% | -19.4% |
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