U.S. home prices dropped 3 percent in January compared to the same month last year, and fell 1.1 percent compared to December 2007, according to an index released today by the U.S. Office of Federal Housing Enterprise Oversight.

Also today, Standard & Poor’s released a separate monthly price index that measures price changes in 20 major U.S. metro areas. That S&P/Case-Shiller index fell 10.7 percent year-over-year in January and sank 2.4 percent compared to December 2007.

The price index by OFHEO, an agency that regulates government-sponsored mortgage entities Fannie Mae and Freddie Mac, is based on single-family home-sale transactions that involve conforming, conventional mortgages purchased or securitized by Fannie Mae or Freddie Mac.

This index measures average price changes in repeat sales or refinancings on the same properties.

Regionally, the OFHEO index plunged 9.4 percent in the Pacific region, 4.3 percent in the New England region, 4.2 percent in the East North Central region, 3 percent in the South Atlantic, 2.2 percent in the West North Central region and 0.8 percent in the Mountain region while rising 1.5 percent in the West South Central region, 0.7 percent in the East South Central region and 0.5 percent in the Middle Atlantic from January 2007 to January 2008.

From December 2007 to January 2008 the index rose 0.1 percent in the Mountain region while falling in all of the other regions. New England led the regions with a 1.5 percent monthly decline.

Miami and Las Vegas had the steepest year-over-year drop in home prices in January, according to the S&P/Case-Shiller index, which is based on price data from repeat sales of single-family homes over times.

Source: S&P/Case-Shiller

***

What’s your opinion? Leave your comments below or send a letter to the editor.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×