The S&P/Case Shiller composite index (graph here) for the month of June was released yesterday (and discussed in yesterday's bits bucket by CRT).
CalculatedRisk: "In real terms, the Case-Shiller National Home price index is off 25% from the peak. Real prices are now back to the Q4 2002 level (nominal prices are back to mid-2004)."
From WSJ Online:
"Home prices are improving in some parts of the country but still falling sharply in places like Phoenix, as the weak housing market and shaky consumer confidence continue to weigh on the U.S. economy.
'We're starting to see some hopeful signals in parts of the country,' said Nigel Gault, chief U.S. economist at Global Insight, a Lexington, Mass.-based forecasting firm.
On a monthly basis, home-price declines in the nation's largest cities slowed in June, according to the S&P/Case-Shiller home-price indexes released Tuesday. Prices fell 0.6% on average from the month before after falling by 1% in May. The June performance was a marked improvement from monthly drops of 2% to 2.5% that occurred earlier this year.
. . .
'Prices are still falling very steeply in the areas that got most overheated and further declines will be necessary in those regions for sure,' Mr. Gault said".
June's difference from peak prices (May 2006): -21.38%
From blog reader Shamrock, a point of clarification:
"The Washington DC area is down about 20% from peak, but that doesn't really tell the whole story since I suspect that PW County is down 35%, Loudoun down 30%, and Arlington down 5%."