| Posted: June 3rd, 2011
Earlier this week, we got the bad news that house prices are still falling. The Case-Schiller index shows prices down to their lowest levels since the start of the recession. Often, national stories like this mask big differences between metro areas.
That’s why MetroTrends gives you newly released values (and charts) for the Federal Housing Finance Agency’s quarterly House Price Index in each of the 100 biggest metro areas. In every one of these metros, prices were lower in the first quarter of this year than they were a year earlier. But some metros are on a much steeper slide than others.
Metros With Biggest and Smallest Drops in House Prices Since First Quarter of 2010
The five metros suffering the biggest declines over the last year were all hit hard by the Great Recession and clearly aren’t recovering yet. Take Tampa. Between 2000 and 2006, house prices there almost doubled. Then, from a peak in the fourth quarter of 2006, they fell steadily through the first quarter of this year—down 45 percent. Prices in the Tampa region today are only 8 percent higher than they were at the start of 2000.
Of the five metros with the smallest declines, all but Honolulu weathered the crash relatively well by national standards. But even in these metros, housing markets aren’t on the upswing. El Paso is a good case in point. Compared to Tampa, the El Paso market saw only modest appreciation between 2000 and 2006 (prices up 34 percent) and then held steady through early 2008 before prices began sliding downward. Today, home prices in El Paso are 10 percent below their peak. But they’re still falling—down almost 2 percent just since the last quarter of 2010.
What does the picture look like in your metro area?Built Environment
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