The Real Deal Miami

Home prices fall by record amount in first quarter

May 26, 2009 02:24PM

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