Miami Wins, DC Loses in Overall Home Price Slowdown
Home prices across the country trended downward in the S&P/Case-Shiller index released today, with the national index declining 0.1% from August and the 20-city composite index posting a 4.9% year-to-year gain, down from the previous month's 5.6% year-to-year uptick. Average prices for metro areas in the 10- and 20-city indices are both at their August 2004 values and 15-17% off highs reached in summer 2006, Reuters reports.
Miami was arguable the brightest spot in the report. It was the lone city to post a double-digit (10.4%) year-to-year gain. September results increased 0.6% from August, tying it with Charlotte for the best monthly increase. At 0.8% year-to-year improvement, Cleveland fared the worst in that gauge. But DC suffered the worst August-September decline, 0.4%, of any market on the 20-city index. The country's largest cities, New York and LA, were flat month-to-month, but LA's year-to-year jump (5.7%) more than doubled NYC's (2.8%).