Las Vegas, Charlotte and Detroit See Largest Year Over Year Drops in Homes Prices
Posted on | July 27, 2010 | No Comments
When comparing May of 2010 to May of 2009 over half (13) cities of the Case/Shiller Home Price Index saw increased values. The cities that saw the steepest declines in year over year prices were Las Vegas, Charlotte and Detroit. Las Vegas is off 6.5% while Charlotte and Detroit have seen drops of 2.8% and 2.5% respectively.
Since the housing market top, Las Vegas home prices are off 56.1% while the strongest market has been Dallas which is only down 4.8%. In May 2010, the 20 city composite was up 4.6% when compared to May 2009. The 10 city Case/Schiller composite was up 5.4%.
Many analysts feel that the first time home buyer tax credit pushed the prices higher and we could see a significant drop in June. Even though the government tax credits expired on April 30th, 2010, it was still the case that these buyers were completing the contract for the new home purchase during the month of May 2010.
Schiller is not confident in the direction of home prices in the future as he said he will “wait and see” in a Reuters interview this morning.
Author: Alan Lake
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