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The February S&P/Case-Shiller Median Home Price data was released Tuesday, and as shown in the table at right, the Composite 10-City and Composite 20-City year-over-year declines were once again extremely negative.

Las Vegas, Miami and Phoenix all registered 20% year-over-year declines, while Los Angeles, San Diego, Tampa and San Francisco weren't far behind. While Miami has fallen 22% from its highs, it still has the highest median home price at $218,740. Chicago was down 8.5% from 2/07 to 2/08, while New York was down 6.5%. Charlotte was the only city that maintained year-over-year gains at 1.48%.

And the median home price in Detroit has now fallen below $100,000 for the first time since December 1999. The average person buying a house in this decade is now down on their investment in Detroit, which has the lowest median home price of all 20 cities analyzed.

click to enlarge

Below we highlight the monthly year-over-year percentage changes of the 20 S&P/Case-Shiller cities and the two composite indices. As shown, the fall from the cliff hasn't hit the ground yet.

Source: S&P/Case-Shiller February Home Price Data