Miami came in a very close second in how much home prices declined, coming in at 28.3% with Las Vegas inching them out with a 28.4% decline in home prices. This morning’s Standard & Poor’s/Case-Shiller 20-city index dropped by 15.8 percent in May compared with a year ago, a record decline since its inception in 2000. The 10-city index plunged 16.9 percent, its biggest decline in its 21-year history.
But this information is comparing year over year and not representative of what we have been seeing lately, therefore not a good gage of the current South Florida housing market. A few days ago, I reported about the Broward County and Palm Beach County housing markets, highlighting their year over year losses, but recent history paints a different picture entirely. In fact, Tampa, Florida even showed less of a decline in its year over year comparison.
So, don’t focus on the current headlines that are using Standard & Poor’s/Case-Shiller 20-city index because it just may not be accurate for your current local real estate market.
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