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August 29, 2006
Prices down in Boston, Vegas, Miami ...
Boston was the only major metro area in the U.S. where single-family home prices fell between June 2005 and June 2006--a 1.9% decline, according to a measure released today by Standard & Poor's.
The S&P/Case-Shiller Home Price Indices come out the last Tuesday of every month. They're probably the most authoritative measure of what's happening to single-family home prices in the major markets. The latest numbers cover changes through June 2006.
In addition to having the only year-over-year decline, Boston also had the biggest one-month decline, with prices dipping 0.4% from May to June.
Miami had a one-year increase of 19.2%, the most of any major metro area, but from May to June of this year, prices actually fell 0.2%, according to the S&P/Case-Shiller Home Price Indices.
Las Vegas was up 6.3% from June 2005 but down 0.3% from May 2006.
New York was up 8.6% from June 2005 but down 0.2% from May 2006.
Los Angeles is still looking good. It was up 13% from June 2005 and up 0.4% from May 2006.
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Posted by: Frank at August 29, 2006 07:36 PM
"The latest numbers cover changes through June 2006."
So these are numbers from 2 months ago.
This is exactly why Buyers need to be extremely cautious. For most of CT, NOTHING is moving. Properties that have dropped their price 10 - 25% are still not moving.
A lot can happen in two months.
Posted by: Gary at August 29, 2006 09:47 PM
News likes this when it is announced that the prices declined are always welcomed. Unfortunately, the decreases are in the most time bigger than the increases. Still it remains a good news.
Posted by: Erin at August 31, 2006 02:26 PM