Home prices continued to drop in May from years before. The median price of a single-family home in May was 15.8% lower than in May 2007. This was the largest drop in eight years. Nationally home price are consistant with where they were in August of 2004; there has also not been a month to month increase since August of 2006.
Many economists insist this is not the beginning of the end but the beginning of a new inning. Money economists Zandi says that the worst downfall is over. Some cities have claimed monthly gains. However some economists are not as pleased that the worst is over and predict that home prices will hit rockbottom in late 2009.
Sellers face a deliema since most do not want to reduce until as late as possible. However waiting too long can create additional problems.
Case-Shiller price index:
| May 2007 | April 2008 | May 2008 | Change from May '07 | |
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| Phoenix | 213.94 | 161.33 | 157.32 | -26.5% |
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| Los Angeles | 263.19 | 202.52 | 198.59 | -24.5% |
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| San Diego | 231.78 | 180.56 | 178.03 | -23.2% |
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| San Francisco | 210.89 | 164.63 | 162.70 | -22.9% |
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| Denver | 136.32 | 128.49 | 129.72 | -4.8% |
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| Washington DC | 235.41 | 201.27 | 199.23 | -15.4% |
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| Miami | 269.52 | 200.42 | 193.19 | -28.3% |
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| Tampa | 221.96 | 178.50 | 177.14 | -20.2% |
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| Atlanta | 135.03 | 123.61 | 124.41 | -7.9% |
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| Chicago | 165.68 | 150.44 | 150.03 | -9.4% |
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| Boston | 170.96 | 158.69 | 160.35 | -6.2% |
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| Detroit | 112.16 | 93.76 | 92.61 | -17.4% |
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| Minneapolis | 164.40 | 139.33 | 140.12 | -14.8% |
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| Charlotte, N.C. | 133.42 | 131.81 | 133.16 | -0.2% |
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| Las Vegas | 224.79 | 165.89 | 161.04 | -28.4% |
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| New York | 210.51 | 194.78 | 193.88 | -7.9% |
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| Cleveland | 118.35 | 109.55 | 108.88 | -8.0% |
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| Portland | 185.21 | 174.87 | 175.53 | -5.2% |
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| Dallas | 125.48 | 120.36 | 121.61 | -3.1% |
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| Seattle | 190.68 | 179.57 | 178.67 | -6.3% |
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| Composite 10 | 218.34 | 183.39 | 181.48 | -16.9% |
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| Composite 20 | 200.12 | 170.00 | 168.54 | -15.8% |
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Stats from USA Today
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