Index shows further decline in home prices

By Steve Green

Tuesday, Jan. 27, 2009 | 9:06 a.m.

More news on the troubled Las Vegas housing market is out today and it confirms what industry observers are saying: Prices here tumbled in the final months of 2008 at a rate greater than in most other cities.

Data through November from financial analysis company Standard & Poor's for its S&P/Case-Shiller Home Price Indices shows continued broad-based declines in the prices of existing single-family homes across the United States, with 11 of 20 metro areas analyzed showing record rates of annual decline, and 14 reporting declines in excess of 10 percent from November 2007.

"The freefall in residential real estate continued through November 2008," said David Blitzer, chairman of the Index Committee at Standard & Poor's. "Since August 2006, the 10-City and 20-City Composites have declined every month -- a total of 28 consecutive months. Every region was down in excess of 1 percent for the November/October period, with eight of the regions recording record monthly declines.

"Phoenix and Las Vegas were the worst performers for the month at -3.4 percent and -3.3 percent, respectively."

In addition, eight of the metro areas analyzed posted their largest monthly decline on record -- Atlanta, Boston, Charlotte, Chicago, Dallas, New York, Portland and Seattle.

"It is clear .. that the decline in home prices is affecting all regions regardless of geography or employment opportunities," S&P said.

Last week, the Greater Las Vegas Association of Realtors reported that the median price of all houses, condos and townhouses being sold in Southern Nevada continued to decline in December to 2003 levels.

The median price of a single-family home decreased 5.9 percent during the month, from $186,000 in November to $175,000. That's nearly 33 percent less than December 2007.

However, buyers reacted to the lower prices as sales were up 184.2 percent for homes and 172.5 percent for condominiums and townhouses, compared to December 2007.

Steve Green can be reached at 990-7714 or [email protected].