Country: United States
27 May 2009
The average price of a USA property fell by 19.1% in the first quarter of 2009 compared to the same period of 2008, according to the S&P/Case-Shiller home price index for March and the entire first quarter. The decline is the largest in the index's 21-year history.
Nationwide, average home prices have fallen 32.2% since their peak in the second quarter of 2006.
In New York, residential prices fell 2.5% between February and March of this year, a record drop, and 11.8% year-over-year. Nevertheless, average prices are still in the city remain 73.4% higher than January 2000.
No such good news for homeowners in Detroit, home to the collapsing US car industry. Average residential prices are down 29% since January 2000 and – unbelievably – back to 2005 levels.
Prices in Phoenix, Arizona, have tumbled 53% since their peak in June 2006, while values in Las Vegas are also down over 50%
Despite greater consumer confidence in the States, and preliminary green shoots of an economic recovery, prices in Minneapolis depreciated by a staggering 6.1% month-on-month in March, the largest drop of any metropolitan area in the history of the indices.
See Also: USA
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Property Type: Apartment
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A serene, natural setting provides a beautiful backdrop for this exceptional community.
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