Average home prices in the New York metro area fell .95 percent from February to March, according to a monthly survey from the S&P/Case-Shiller Index, which excludes condos.
The index showed accelerating weakness in the region, which dropped 7.4 percent between March 2007 and March 2008.
New York fared better than most of the top ten metro areas, which fell by an average of 15.3 percent, the biggest drop in the index’s 20-year history.
A co-founder of the index that bears his name, economist Karl Case, told Bloomberg that increasing auctions of foreclosed properties could help the housing market recover by removing inventory.
Meanwhile, the Commerce Department reported that sales of U.S. single-family homes increased by 3.3 percent last month.