Home-price index falls 15.9% in June

Real estate brief

A monthly price index for 20 U.S. metro areas dropped 15.9 percent year-over-year in June, with the sharpest declines in the Las Vegas, Miami and Phoenix areas. The Standard & Poor’s/Case-Shiller index, which measures price changes for repeat sales of the same homes over time, recorded a 28.6 percent drop in Las Vegas in June compared to the same month last year, and all 20 metro areas tracked in the monthly index had year-over-year index declines.