An index measuring home-price changes dived at a record level in the second quarter, falling 3.2 percent compared to the same quarter last year.
The Standard & Poor’s/Case-Shiller U.S. National Home Price Index was also down 0.9 percent compared to the first quarter.
And monthly 20-city and 10-city home-price indices also had year-over-year declines in June, according to the report.
The S&P/Case-Shiller Composite-10 Index dropped 4.1 percent in June compared to June 2006, while the Composite-20 Index dropped 3.5 percent.
The metro areas tracked in the Composite-20 Index include: Atlanta, Boston, Charlotte, Chicago, Cleveland, Dallas, Denver, Detroit, Las Vegas, Los Angeles, Miami, Minneapolis, New York, Phoenix, Portland, San Diego, San Francisco, Seattle, Tampa, and Washington, D.C.
All but five metro areas in the 20-city index had year-over-year price declines in June. The home-price index in Detroit dropped 11 percent in June compared to June 2006, while the price index fell 7.7 percent in Tampa, 7.3 percent in San Diego and 7 percent in Washington, D.C.
“The pullback in the U.S. residential real estate market is showing no signs of slowing down,” said Robert J. Shiller, chief economist at MacroMarkets LLC, in a statement. “The year-over-year decline reported in the second quarter for the National Home Price Index is the lowest point in its reported history, which dates back to January 1987.”
In Seattle, the home-price index climbed 7.9 percent in June compared to the same month last year, and jumped 6.8 percent in Charlotte, 4.5 percent in Portland, and 1.6 percent in Atlanta and Dallas.
The S&P/Case-Shiller U.S. National Home Price Index covers all U.S. census divisions.
Boston was the first metro area to report negative year-over-year returns back in April 2006, according to the report, and Boston showed an improvement in its annual rate of decline from the value reported in May, though the report states that “more data, however, is needed to determine whether Boston, whose growth rate turned negative before other metro areas, is truly the first metro area to turn around.”
The S&P/Case-Shiller Home Price Indices are published on the last Tuesday of each month at 9 a.m. ET. They are designed to track the price path of typical single-family homes located in each metro area provided.
First developed by Karl Case and Robert Shiller, the indices rely on data collected on single-family home re-sales. Re-sold sale prices are tracked to form sale pairs, and this repeat-sales pricing technique is used to measure price changes in housing markets.
The indices are created and published through agreements among Standard & Poor’s, Fiserv and MacroMarkets LLC. MacroMarkets has an exclusive license and sublicensing rights to the indices.
