Record declines in prices for existing single-family homes continued in November, as the nation continued to experience a significant slowdown in home sales activity.

November marked the 11th consecutive month of negative annual returns and two full years of decelerating returns, according to the indices released today from S&P/Case-Shiller.

A monthly 10-city composite index showed an annual decline of 8.4 percent, a new record low, while a monthly 20-city composite index recorded an annual decline of 7.7 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 three cities in the 20-city index showed year-over-year price declines in November. The cities with the highest year-over-year declines were: Miami, with a 15.1 percent decline; San Diego, with a 13.4 percent decline; Las Vegas, with a 13.2 percent decline; Detroit, with a 13 percent decline; and Phoenix, with a 12.9 percent decline.

The cities that showed positive annual growth rates were Charlotte, N.C., with a 2.9 percent growth rate; Seattle, with 1.8 percent; and Portland, Ore., with 1.3 percent.

“We reached another grim milestone in the housing market in November,” Robert J. Shiller, chief economist at MacroMarkets LLC and co-founder of the index, said Tuesday. “Not only did the 10-city composite (index) post another record low in its annual growth rate, but 13 of the 20 metro areas, with data back to 1991, did the same.”

The latest monthly figures show that every metro area tracked has now posted three consecutive monthly declines, Shiller added. “Eight of these MSAs, in addition to the two composites, have had more than 12 consecutive months of falling prices,” he said.

Fourteen of the 20 metro areas, in addition to the two composites, recorded their largest monthly decline on record in November, he said. For the 10-city and 20-city composites this was a decline of 2.2 percent and 2.1 percent, respectively, over October.

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.
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