Local home prices were down 24.9 percent at the end of January compared to their level a year earlier, according to the most recent Standard & Poor’s home price index released this morning.
The county’s drop from the peak crossed the 40 percent line for the first time with this index. Prices in the January index were down 40.8 percent from the November 2005 market peak.
Even with that drop, San Diego prices remain about 48 percent higher than they were in January 2000, before the six-year bonanza when prices zoomed upward 150 percent.
Like in November, the highest of the index’s three tiers in January showed the sharpest monthly drop, according to a seasonally adjusted version of the numbers.
Prices in the highest tier (homes sold for more than $424,184) slipped 2.8 percent between December and January.
That beat the 1.2 percent decline for the middle tier (homes from $288,350 to $424,184) and the 2.6 percent decline for the lowest tier (homes under $288,350). The low tier has most frequently shown the steepest declines in the market downturn.