Home Prices Drop 24 Percent Year-Over-Year
Published: Tuesday, August 26, 2008 4:58 PM PDT
Prices for resale houses reached a new low, down 30 percent from the market's peak in November 2005, according to June's Standard & Poor's/Case-Shiller Index, released this morning.
The overall index logged a 24 percent decline compared to the June 2007 index. With the market broken into thirds by price, the lowest tier experienced the worst year-over-year decline, 32.7 percent. The middle tier declined 24.4 percent and the high tier's declines neared 16 percent, all compared to the June 2007 index.
We learned last week that home sales in San Diego County have turned positive compared to summer 2007 -- more homes sold in July than sold in the same month a year ago, according to DataQuick Information Systems. It increased 10.5 percent.
We will, of course, be partying all day with these data, so stay tuned for more.
Update: The original version of this post incorrectly stated the percent drop for the lowest tier. We regret the error.
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