Industry News

Annual declines continue in home-price index

Detroit posts 9.3% year-over-year price drop in April

A home-price index that tracks 20 U.S. metropolitan areas measured the 17th consecutive period of annual decline in April, according to a report released today. The monthly Standard & Poor's/Case-Shiller 20-City Composite index has been in negative territory since January 2007 when compared to index results in 2006. And the 10-city index experienced an annual decline of 2.7 percent in April, the largest decline since late 1991 for that index, according to the report. The indices are designed to track the price path of typical singe-family homes in each of the tracked metro areas, and each index combines matched price pairs for thousands of individual homes that were sold at fair market value. Fourteen of 20 metro areas in the 20-city index had year-over-year price declines in April, the report states. The most extreme price index drops were reported in Detroit, down 9.3 percent; followed by San Diego, down 6.7 percent; and Washington, D.C., down 5.7 percent. The metro a...