U.S. home prices fell for the tenth consecutive month in October, declining by a record 6.7 percent from the same period a year ago, according to the S&P/Case-Shiller 10-City Home Price Index released today.
It was the largest drop in more than 16 years and marked the 23rd straight month of deceleration, when prices either rise more slowly or decline.
The previous record was a 6.3 percent fall recorded in April of 1991, just after the 1990-91 recession officially came to a close.
“No matter how you look at these data, it is obvious that the current state of the single-family housing market remains grim,” said Robert Shiller, in a statement.
The group’s 20-city index fell 6.1 percent from a year ago, with 11 of the markets in the index posting a record-low annual growth rate in October, and all 20 declining from the prior month.
Miami led the year-over-year decline with a 12.4 percent fall, followed by Tampa with an 11.8 percent tumble, and Detroit with an 11.2 percent drop.
San Diego stumbled 11.1 percent over the past year, Las Vegas lost 10.7 percent, Phoenix shed 10.6 percent, and home prices in Los Angeles have fallen a whopping 8.8 percent.
Only Charlotte (4.3 percent), Seattle (3.3 percent), and Portland (1.1 percent) experienced positive annual growth rates in home prices.
The S&P/Case-Shiller home price indices track price changes on the same properties over time instead of calculating the median price of homes sold during the month.
Both the 10-city and 20-city composites declined 1.4% from September, their largest monthly decline on record.
“We are in uncharted territory,” Shiller said. “This was the biggest housing boom we have ever seen.”
Looks like it’s going to be a long way down as well…