An index that tracks home-price changes in 20 U.S. metro areas dropped a record 16.3 percent in July compared to the same month last year.
The Standard & Poor’s/Case-Shiller Home Price 20-metro area index, which measures price changes for repeat sales of single-family homes, measured a 29.9 percent year-over-year price drop in the Las Vegas metro area — the most substantial drop on the list.
Phoenix was second on the list with a 29.3 percent decline, and the slightest declines were in Charlotte (down 1.8 percent) and Dallas (down 2.5 percent), according to the index report.
What’s your opinion? Leave your comments below or send a letter to the editor.