Standard & Poor's today reported that home prices fell 11.4 percent in January, the steepest drop in 20 years.
From the S&P/Case-Shiller Home Price Indices' website (PDF):
“'Unfortunately it does not look like early 2008 is marking any turnaround in the housing market, after the declining year recorded throughout 2007,' says David M. Blitzer, Chairman of the Index Committee at Standard & Poor's. 'Home prices continue to fall, decelerate and reach record lows across the nation. No markets seem to be completely immune from the housing crisis, with 19 of the 20 metro areas reporting annual declines in January and the remaining – Charlotte North Carolina – eking out a benign 1.8% growth rate. Looking deeper into the data, you can see that 16 of the metro areas are also reporting record low annual growth rates. The monthly data show that every one of the MSAs has now declined every month since September 2007, marking five consecutive months. On top of that, the declines have increased through time, in general, as 13 of the 20 MSAs reported their single largest monthly decline in January.'”
Yesterday's news was the National Association of Realtors' February existing home sales:
“Existing-home sales . . . remain 23.8 percent below the 6.60 million-unit level in February 2007. Single-family home sales . . . are 22.9 percent below 5.80 million-unit level a year ago".
Regional sales volume, year-over-year:
“Total housing inventory fell 3.0 percent at the end of February to 4.03 million existing homes available for sale, which represents a 9.6-month supply at the current sales pace."
From MarketWatch. “The median sales price plunged to $195,900, down 8.2% from a year earlier, the largest price decline recorded since the Realtors began tracking both single-family homes and condos in 1999. Prices of single-family homes fell 8.7% in the past year, also the most since the records began in 1968.”
“Sales of condos are down 29.7% in the past year. Inventories of unsold condos rose 14% to 604,000, a 13-month supply.”