Home prices in 20 U.S. metropolitan areas fell in April 2008 by the most on record.
The Case-Shiller Index of 20 large cities for April 2008 shows housing price declines are accelerating, and are now falling at a rate of 15.3% from last year’s levels.
The report also showed that home prices fell 1.4 percent in April from a month earlier after a 2.2 percent decline in March.
There’s one bit of “good” news in the report: home price declines were less than expected. According to economists surveyed by Bloomberg News, the index was forecast to fall 16 percent from a year earlier.
Not surprisingly, the housing bust continues to be most severe in previous boom areas in the West and Florida.
Here are the markets where prices are falling fastest:
Las Vegas: -26.8%
Los Angeles: -23.1%
San Diego: -22.4%
San Francisco: -22.1%
Average of 20 large cities: -15.3%
The decline in home prices appears to be spreading. Chicago showed a 9.3 percent decline and prices in New York City declined by 8.4 percent. Charlotte, North Carolina, showed a decline for the first time.
According to Bloomberg.com, “One bright spot in the report was that more cities showed a gain in prices in April compared with the previous month. Houses in eight areas rose in value, compared with just two in March. Month-over-month gains were led by Cleveland and Dallas.”