New York Condo Prices Post Smallest Decline since Market Peak

February 15, 2012 (Jeff Alan)

Prices for condominiums in the New York area have experienced the smallest declines of the five major metropolitan areas since their housing market peaked despite the area’s first monthly price decline in six months according to Standard and Poor’s HouseViews.

Since their respective housing market peaks, New York has been the best performing market with condo prices falling only 14.0 percent since its peak while Los Angeles has seen prices decline about 40 percent, San Francisco about 35 percent and Chicago has seen area condo prices fall about 33 percent.

All five of the condominium markets covered by the S&P/Case-Shiller Indices posted a monthly decline in prices in November.

In California, the long slide in condo prices continued in November, with San Francisco suffering a monthly price decline of 0.3 percent while Los Angeles saw its prices decline 0.9 percent.

Condo prices in Los Angeles have fallen for 16 consecutive months leaving prices in the area 8.1 percent lower than in November 2010.

In San Francisco, condo prices have fallen seven consecutive months and 14 out of the last 17 months leaving prices 8.0 percent lower than in November of last year.

Condo prices in Los Angeles are now back to levels last seen in mid-2003, and in San Francisco, condo prices have dropped back to mid-2002 levels.

Chicago posted the largest monthly price decline of 3.8 percent and also had the largest annual decline of 9.7 percent. Condo prices in Chicago on average are back to mid-2000 levels, the worse of any of the five metro areas. The index for Boston fell 1.6 percent from October to November and is 2.4 percent lower than in November of last year.

New York posted its first monthly decline in prices in six months, falling 0.4 percent, and was 0.6 percent lower than a year ago. It was also the smallest decline in monthly condo prices of the five metro areas.

Tags: California, condo prices, S&P, Case-Shiller Index, Los Angeles, San Francisco, Boston, Chicago, New York, market prices

Source:
Standard and Poor