 A Nerd's Eye View |
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Another Bad Month for Home PricesFebruary was another bad month for the Case-Shiller index, the best measure of aggregate home prices. The overall San Diego index dropped a hefty 3.6 percent from January, for a total decline of 24.0 percent since the November 2005 peak. As has become the custom, lower-priced homes were hit a lot worse than higher-priced homes. But as has become a more recent custom, high-priced homes have started to feel some substantial pain as well.
The Case-Shiller index, while comparatively accurate, lags a lot. Each month's index figure is based on sales activity from the prior three months. The February index, for example, is based on sales from December, January, and February. So assuming a somewhat constant price trend, the index is more representative of January prices than anything else.
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According to the Case-Shiller tiered price indexes, low-priced San Diego homes fell 4.1 percent for the month, mid-priced homes fell 3.9 percent, and high-priced homes fell 2.7 percent. The declines since the three tiers' respective peaks can be seen in the accompanying graph.
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