U.S. Home Prices Fall 19% May 27, 2009

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Home prices in the United States fell 19.1% in 1Q 2009, according to the Standard & Poor's/Case-Shiller National Home Price index. The 20-city index fell by 18.7% in March from the year before and the 10-city index lost 18.6%. All 20 cities showed monthly and annual price declines, with nine setting annual records. Fifteen cities posted double-digit drops and three cities — Phoenix, Las Vegas and San Francisco — all recorded declines of more than 30%, according to the Index. Minneapolis posted a 6.1% decline from February to March, and the biggest monthly drop on record for all of the metro area. Charlotte, NC, and Denver home prices had the best performance in March over February, both increasing almost 1%.

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