October 31, 2007

L.A. Home Prices Declined Sharply in August

A story in today’s L.A. Times reports that Los Angeles and Orange counties experienced steeper declines in home prices in August than most major U.S. cities:

[Prices in L.A. and Orange counties] dropped 5.7% compared to a year ago, according to the Standard & Poor’s/Case-Shiller composite index. The index showed home prices fell an average of 4.4% in 20 metro areas nationwide….San Diego, with an 8.3% year-over-year decline, fared even worse….San Diego’s decline was topped only by Tampa, Fla.’s 10.1% fall from a year ago and Detroit’s drop of 9.3%.

The only areas where prices rose were Seattle (5.7%) and Charlotte, N.C. (5.6%).

The index includes existing single-family homes only — no new construction or condos.