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Home prices fell 25.8 percent between November 2007 and November 2008, according to the closely watched Standard & Poor’s/Case-Shiller index.
The latest index, released this morning, measured the numbers as of the end of November. That was exactly three years after the local housing market peaked in November 2005. Since that peak, the index has measured a 37.9 percent drop in local prices.
Overall, prices remain 55.5 percent higher than they were in January 2000, according to the index, which tracks sales of the same houses over time.
Between October and November, the most expensive sales tier (those priced higher than about $450,000), fell by more than the low- or middle-priced tier, according to a version of the index adjusted for typical seasonal trends. The deepest monthly declines have previously registered in the lowest tier.
The low-priced tier (homes priced lower than $306,515) still showed the most dramatic declines both year-over-year (30.5 percent) and from its individual peak in June 2006 (46.7 percent), according to the regular version of the index.
The middle tier ($306,515 to $453,097) dropped 22.17 percent year-over-year and 36.45 percent from its peak in November 2005.
The highest tier (homes priced higher than $453,097) fell by 20.3 percent year-over-year and 28.6 percent from its peak in June 2006.
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