Top 10 Hardest Hit U.S. Counties Are All in California and Florida
The index also showed a 13.8% decline in house prices for all of 2008 and an overall decline of 19.1% since the market's peak at the end of 2006. December 2008 posted a decline of 1.1%.
At the U.S. census regional level, both the West and the South experienced double-digit declines in 2008. The West, which dropped 18.4% in 2008, fell over 24% from its peak in 2006, while the South, down 12% during 2008, was off nearly 18% from its high. Meanwhile, the Northeast posted declines of 9.4% for 2008 and 11.7% from its peak. The Midwest, despite significant declines, was the least affected region in the U.S., and posted declines of 7.4% in 2008 and 10.4% from its peak.
At the metropolitan statistical area level, San Francisco, San Diego, and Miami were the hardest hit areas in 2008, with one-year home prices losses of 23.9%, 22.7%, and 20.8%, respectively. Within San Francisco's MSA, Contra Costa County declined at a rate of 35.5% during 2008 and 42.2% since its 2006 peak. Also within the San Francisco MSA, Marin County and San Francisco County posted declines of 11.3% and 13.9% from the 2006 high, while declines accelerated to 15.4% and 16.1% across 2008.
"We're seeing house prices returning to pre-bubble levels and there are no signs of leveling off just yet," said Dave McCarthy, IAS president/CEO.
The IAS360 House Price Index is a comprehensive housing index tracking monthly change in the median sales price of detached single-family residences across the U.S. The index, based on all arms-length transactions, tracks data of 15,000 "neighborhoods," which is rolled-up to report on the changes in 360 counties, nine census divisions, four regions and the nation overall.