Prices of single-family homes posted their largest annual decline since the U.S. National Home Price Index began measuring sales prices around the country.
According to the report, the cities that suffered the most included the usual list of suspects, Miami, Tampa, and San Diego. Tampa led the list of metro areas with a decline of 11.1 percent in prices in one year. Miami followed in the list with a decline of 10 percent, while in San Diego, prices were off by 9.6 percent in a year.
Charlotte and Seattle posted the best improvement of all the cities included in the study. Both cities saw prices increase by 4.7 percent during the year.
The market for Chicago Homes posted a more modest 2.5 percent decline in prices during the year. The city has not seen the same type of speculative investment in real estate that now plagues cities in the sunbelt.
Demand continues to drop as many potential buyers face higher interest rates and prices that have risen beyond the means of many. Investors have also shied away from real estate in many markets, causing prices to fall even further.
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