Here is the latest news on home prices in Palm Beach County and across the U.S.

While I have seen a noticeable uptick in the number of transactions taking place, there is still downward price pressure given the amount of short sales and bank foreclosures currently on the market.  This news gives us  some hope that the worst rate of price declines is behind us.

Standard & Poor’s Case-Schiller Home Price Index, a measure of prices in 20 major cities, fell 18.6 percent in February from February 2008. Prices now are what they were in 2003.

But for the first time in 16 months, the drop didn’t set a record.

In metropolitan Miami, which includes Broward and Palm Beach counties, year-over-year prices fell 29.5 percent, but that wasn’t worst in the nation. Phoenix was off 35.2 percent, Las Vegas was down 31.7 percent and San Francisco fell 31 percent.

The index is considered a strong measure of home prices because it examines price changes of the same property over time, instead of calculating a median price of homes sold during the month, as the Florida Association of Realtors does.

POSTED IN: South Florida home prices (20)

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