San Diego home prices continue to fall, but the pace of their descent is slowing, according to the closely watched Standard & Poor’s/Case-Shiller index released this morning.

The most recent index, containing home values through the end of May, showed prices fell 18.52 percent between May 2008 and May 2009.

April’s year-over-year decline was 20.01 percent, and March’s was 22.04 percent.

Overall, prices were down 42.05 percent from the market peak in November 2005.

Comparing prices to the same month last year, all three tiers of the index, based on low-, middle-, and high-priced sales in the region, showed slowing declines.

The lowest tier, homes priced under $266,912, fell by 23.54 percent from May 2009. From that tier’s peak in June 2006, prices have fallen 52.6 percent.

The middle tier, homes priced between $266,912 and $398,179, fell by 15.48 percent year-over-year and by 40.93 percent from the peak in November 2005.

And the highest tier, homes priced higher than $398,179, fell by 15.81 percent year-over-year and by 32.75 percent from the peak in June 2006.

KELLY BENNETT

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