The Standard & Poor’s/Case-Shiller National Home Price Index dropped a record 16.6 percent in the third quarter compared to the same quarter last year.

And a separate monthly price index for 20 U.S. metro areas also fell a record 17.4 percent year-over-year in September.

Editor’s note: Robert J. Shiller (see Inman News profile), a co-creator of the price-trend research that laid the foundation for the Standard & Poor’s/Case-Shiller home-price indices, will discuss how to mend the housing market during a keynote address at the Inman News Real Estate Connect conference in New York City on Jan. 7. The conference runs from Jan. 7-9 and will also feature talks by Lawrence Yun, chief economist for the National Association of Realtors, Craigslist.org’s Craig Newmark, and Realogy Corp. CEO Alex Perriello, among other industry notables.

The Standard & Poor’s/Case-Shiller National Home Price Index dropped a record 16.6 percent in the third quarter compared to the same quarter last year.

And a separate monthly price index for 20 U.S. metro areas also fell a record 17.4 percent year-over-year in September.

The monthly index is based on repeat sales of resale single-family homes over time, and the quarterly national index is a composite of single-family home-price indices for the nation’s nine Census divisions.

The indices do not gather sale prices associated with new construction, condos, co-ops/apartments, multifamily dwellings and other properties that cannot be identified as single-family homes.

All 20 metro areas in the monthly report experienced year-over-year price and month-to-month price declines in September.

In a separate announcement this week, the National Association of Realtors reported that the median price of U.S. resale homes dropped 11.3 percent year-over-year in October — the largest ever drop since the National Association of Realtors began tracking the statistic in 1968 (see Inman News).

Phoenix suffered the largest year-over-year price drop in the S&P/Case-Shiller monthly index, falling 31.9 percent; followed by Las Vegas, down 31.3 percent; and San Francisco, down 29.5 percent.

Dallas had the slightest year-over-year price drop in September, at 2.7 percent; Charlotte was down 3.5 percent; and Denver was down 5.4 percent.

San Francisco had the largest August-to-September price drop, at 3.9 percent, while Cleveland had the slightest month-to-month drop, at 0.6 percent.

S&P/Case-Shiller 20-metro-area price index

 

Price change

Metro area

Sept. ’07-Sept. ’08

Phoenix

-31.90%

Las Vegas

-31.30%

San Francisco

-29.50%

Miami

-28.40%

Los Angeles

-27.60%

San Diego

-26.30%

Detroit

-18.60%

Tampa

-18.50%

Washington

-17.20%

Minneapolis

-14.40%

Chicago

-10.10%

Seattle

-9.80%

Atlanta

-9.50%

Portland

-8.60%

New York

-7.30%

Cleveland

-6.40%

Boston

-5.70%

Denver

-5.40%

Charlotte

-3.50%

Dallas

-2.70%

Composite-20

-17.40%

 

 

 

Price change

 

Q3 ’07-Q3 ’08

U.S.

-16.60%

Source: S&P/Case-Shiller.

Hear economist and author Robert J. Shiller speak at Real Estate Connect in New York City, Jan. 7-9, 2008. The conference program and registration are available online via the Connect Web site.

***

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
×