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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.
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.