Declines in single family home prices compared to the levels that prevailed twelve months ago accelerated in August 2009, according to recently released data by the National Association of Realtors (NAR).
According to this NAR data, average single-family home prices at the national level were 8.8% below their August 2008 level, while in the previous month they were only 5.5% below their July 2008 level.
Below we will use the term "annual" declines to characterize drops in prices compared to the levels prevailed in the same month in the previous year. We put the word annual in quotes because this change does not represent a true annual change, which is the average of the monthly changes that occur over a 12-month period.
"Annual" price declines accelerated in all regions but the West. In particular, average single-family home prices in the West in August 2009 were 9% below their August 2008 level, but in July 2009 they were 13.6% below their July 2008, level.
Contrary to what happened in the West, "annual" price declines accelerated in the South, Midwest and the Northeast. The greatest acceleration took place in the South and Midwest where "annual" declines in average single-family home prices accelerated from -0.3% and -1.5%, in July 2009 to -9.4% and -9.0%, in August 2009.
In the Northeast, average single family home prices in August 2009 were 7.9% below their August 2008 level, which represents a worsening compared to July 2009, when prices were 5.9% below their July 2008, level.
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