City sees record home price drop

New York /
Jan.January 27, 2009 11:30 AM

New York City posted its largest monthly home price decline on record in November 2008, according to S&P/Case-Shiller Home Prices Index data released today.

Home prices within a 50-mile radius of New York City fell 1.6 percent between October and November, the largest drop in over 20 years, and 8.6 percent year-over-year, according to the index. Since the data does not include condo or co-op units, the report primarily reflects home prices in the outer boroughs, Connecticut, New Jersey and Westchester County.

But the New York metropolitan area still has the highest index value, at 186.81, of any of the 20 cities measured by the index. This indicates that homes in the area have held their value better than homes in the other areas. The index was set at a base value of 100 in January 2000, meaning that homes in the New York metropolitan area have appreciated 86.81 percent since then.

Of the 20 cities surveyed, seven others — Atlanta, Boston, Charlotte, Chicago, Dallas, Portland and Seattle — also posted their largest recorded monthly declines in November. TRD


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Barnet Liberman and 421 Hudson Street (Getty; Apartments)
Creditors want Printing House condos from bankrupt Barnet Liberman
Creditors want Printing House condos from bankrupt Barnet Liberman
Lionheart's Ophir Sternberg with 24-26 West 9th Street
Lionheart nabs Greenwich Village apartment building for $42M
Lionheart nabs Greenwich Village apartment building for $42M
(Getty; Illustration by The Real Deal)
Luxury amenities are coming to a home near you
Luxury amenities are coming to a home near you
(Getty)
Jersey City has metro area’s fastest rising rent
Jersey City has metro area’s fastest rising rent
From left: CIM Group's Shaul Kuba, Avi Shemesh, and Richard Ressler (Photo Illustration by Steven Dilakian for The Real Deal with Getty, CIM Group, and LoopNet)
CIM’s favorite customer: CIM
CIM’s favorite customer: CIM
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...