City sees record home price drop

January 27, 2009 11:30AM

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