Tuesday, Nov. 25, 2008 | 1:36 p.m.
Sun archives
- Nov. 18 -- Home prices show signs of stability in October
- Nov. 10 -- Home sales, prices fall in October
- Oct. 8 -- Home sales up last month as prices continue tumble
- Sept. 12 -- Nevada holds on to nation’s highest foreclosure rate
- Sept. 9 -- Home prices slide as sales activity stays steady
Beyond the Sun
A widely watched index released today shows home prices in Las Vegas are at levels not seen since January 2004.
The Standard & Poor's/Case-Shiller U.S. National Home Price Index shows home prices dropping by the sharpest annual rate on record in the third quarter. The 20-city index tumbled a record 16.6 percent during the quarter from the same period a year ago. Prices nationwide are at levels not seen since the first quarter of 2004.
The index showed prices in Las Vegas dropped 31 percent year-over-year in September. Only Phoenix saw a larger annual drop, at 32 percent.
Miami, Los Angeles and San Diego all recorded annual decreases above 25 percent.
The 20-city index fell by 17.4 percent in September compared with a year ago, the largest drop since its inception in 2000. The 10-city index plunged 18.6 percent, the biggest decline in its 21-year history.
No city in the Case-Shiller 20-city index saw annual price gains in September — for the sixth straight month.
The Case-Shiller index shows housing prices in Las Vegas peaked in August 2006 and have fallen every month since, with larger price declines in the past year.
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