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San Diego again posted the second sharpest monthly drop for home prices among the 20 cities in the Standard & Poor’s/Case-Shiller home price index, released early this morning. The index tracks sales of resale standalone homes that have sold at least once before.
The newest index, for December 2007, showed a 3.4 percent drop for San Diego from November’s index, surpassed in depth only by a 3.5 percent monthly drop in Phoenix.
Showing a 15 percent drop compared to the December 2006 index, San Diego followed Miami (17.5 percent), Las Vegas (15.3 percent) and Phoenix (15.3 percent) in a ranking of the 20 cities for year-over-year drops.
Broken down to tiers each representing one-third of the sales counted by the index, the lowest-priced tier (under $431,605) continued to show the most dramatic drops in price. The homes in that tier sold for 26.3 percent less than they did at the peak (June 2006), and 23.1 percent less than they did in December 2006.
The middle tier, representing homes sold between $431,605 and $638,891, showed drops of 21 percent from the peak (Nov. 2005) and 16 percent from December 2006.
The highest-priced tier, for homes priced higher than $638,891, showed smaller drops — 13.1 percent from the peak, and 8.6 percent from December 2006.
RealtyTrac released January foreclosure activity this morning, too — we’ll keep you posted. See why we call this day the DataParty? Non-stop data fun, only in Survival in San Diego.