From a year prior, the twenty-city index was down 2.4 percent, the steepest decline since December 2009. San Diego and Washington DC were the only cities reporting year-over-year appreciation. The ten-city index was down 1.2 percent.
The recent decline is more reflective of the continuing effects of the homebuyer tax credit expiring and persistently high levels of excess home inventories which are being fed by increasing foreclosures. The economic recovery will likely slow distressed sales and create price stability in late 2011 or 2012.
|Not Seasonally Adj||Dec||Nov||Oct||Sep||Aug||Jul|
|10 City Index|
|      M/M % Change||-0.9||-0.8||-1.3||-0.6||-0.2||0.7|
|      Y/Y % Change||-1.2||-0.5||0.2||1.4||2.5||4.0|
|20 City Index|
|      M/M % Change||-1.0||-1.0||-1.3||-0.8||-0.3||0.6|
|      Y/Y % Change||-2.4||-1.6||-0.8||0.4||1.6||3.2|
Source: Standard & Poor's