The Real Deal New York

Home prices decline but pace slows

August 25, 2009 12:36PM

National home prices declined once again in the second quarter of this year compared to the same three months last year, but the pace of decline appears to be slowing, according to the S&P/Case-Shiller Home Price Index data released today.

Home prices nationwide dropped 14.9 percent year-over-year in the second quarter. But the year-over-year drop in the first quarter was 19.1 percent, according to the data. The report reveals “hints of an upward turn,” said David Blitzer, chairman of S&P’s index committee.

In New York, the index recorded an 11.9 percent drop year-over-year. But it posted a 0.4 percent gain between May and June this year.

Month-over-month, home prices have been improving overall nationwide. The index’s 10-city and 20-city composites both posted their second consecutive monthly increases. TRD

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