From May to June, half of the cities that Case-Shiller tracks saw an increase in median home prices, while half saw declines. The Composite 20-City index saw a month-over-month decline of 0.50% and a year-over-year decline of 15.92%. This was the worst year-over-year reading yet. As shown in the table at right, Denver saw the biggest month-over-month gains at 1.48%, followed by Boston (1.23%), Minneapolis (0.98%), Cleveland (0.73%) and Dallas (0.63%). Atlanta, Charlotte, New York, Chicago and Detroit were the other cities posting May to June gains. Phoenix saw the biggest month-over-month declines at -2.63%. Phoenix was trailed by San Francisco (-1.76%), Miami (-1.72%), Las Vegas (-1.57%), and San Diego (-1.49%). Basically, the problem areas of the West Coast and Florida were still the problem in June.
Below we highlight historical year-over-year changes in median home prices for the 20 cities and the two composite indices on a monthly basis. If you look closely at the most recent points on the charts, you'll see that the year-over-year changes actually ticked up a little for most cities. This indicates that while the declines are still bad, they've stopped getting worse in a lot of areas for the time being.
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