[Source: Adam Kress, Phoenix Business Journal] — A new read on the housing market shows Phoenix home values have dropped nearly 31% in the past 12 months — the steepest decline of any major city in the nation. Home prices across the country fell in August for the 25th consecutive month and prices in 10 major markets plunged a record 17.7% from August 2007, according to the S&P Case-Shiller Home Price 10-city index. From July to August, prices dropped 1.1%. The 20-city index marked a record year-over-year decline of 16.6% with a 1% fall from July to August.
The hardest hit of all 20 cities on a year-over-year basis was Phoenix, where prices plummeted 30.7% during the past 12 months. Las Vegas prices plunged 30.6% and Miami sank 28.1%. The cities that held up the best were Dallas, which saw a decline of just 2.7%; Charlotte, N.C., down 2.8%; and Boston, off 4.7%. No city showed a price gain during over the last 12 months. From July to August, San Francisco saw the biggest price decline, down 3.5%. Phoenix prices fell 2.9% and Las Vegas homes lost 2.4% in value. Two cities showed gains in August. Cleveland prices rose 1.1% and Boston prices inched up 0.1%.
The S&P Case-Shiller indexes compare the sale prices of the same homes year-to-year and are considered one of the most accurate home price gauges.
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