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
Howard Hughes buys 37K acres to build “city of the future”
Howard Hughes buys 37K acres to build “city of the future”
Howard Hughes buys 37K acres to build “city of the future”
Radson Development co-founder Jacob Rad and the site of the development (Google Maps, LinkedIn via Rad)
Pair of mixed-use towers to rise at site of Hell’s Kitchen slaughterhouse
Pair of mixed-use towers to rise at site of Hell’s Kitchen slaughterhouse
Kushner CEO Laurent Morali (center) with Nicole Kushner Meyer and Jared Kushner (Kushner, Getty, Morali via Sasha Maslov)
Kushner Companies names Laurent Morali CEO
Kushner Companies names Laurent Morali CEO
HAP Investments CEO Eran Polack and 215-225 West 28th Street (HAP)
HAP sells stake in Chelsea apartments in deal valuing project at over $500M
HAP sells stake in Chelsea apartments in deal valuing project at over $500M
Hudson Yards (Getty, iStock)
City’s bet on Hudson Yards beginning to pay off
City’s bet on Hudson Yards beginning to pay off
arrow_forward_ios

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

Loading...