Home prices fall by record amount in first quarter

Home prices nationwide fell 19.1 percent in the first quarter of 2009 compared to the same period of 2008, according to the S&P/Case-Shiller home price index for March and the entire first quarter, released today. The decline is the largest in the index’s 21-year history. In Miami, home prices fell 3.5 percent in March from February and 28.7 percent year-over-year. Nationwide, average home prices have fallen 32.2 percent since their peak in the second quarter of 2006. TRD