Home prices slumped 10.7 percent from a year ago in major US cities as more air came out of the housing bubble, according to a survey released Tuesday.
The Standard & Poor's/Case-Shiller index of prices in 20 major cities showed steep declines in the major markets, especially those that benefited from the housing boom.
The January 20-city price index was down 10.7 percent from the year before, and 2.4 percent over the prior month.
The 10-city composite index, which contains more of the large "bubble markets," was down a record 11.4 percent year-over-year and down 2.3 percent for the month.
Prices fell in 19 of the top 20 markets, with 10 posting double-digit declines and 13 posting their single biggest monthly declines.
"Unfortunately it does not look like early 2008 is marking any turnaround in the housing market, after the declining year recorded throughout 2007," said David Blitzer at Standard & Poor's.
"Home prices continue to fall, decelerate and reach record lows across the nation. No markets seem to be completely immune from the housing crisis."
The one exception was a modest 1.8 percent annual increase in Charlotte, North Carolina.
But prices were under heavy pressure in Miami and Las Vegas, each of which experienced a 19.3 percent annual drop. The declines were in double digits in metropolitan areas of Detroit, Michigan; Los Angeles; Minneapolis, Minnesota; Phoenix, Arizona; San Diego, California; San Francisco; Tampa, Florida; and Washington.
Monday, the National Association of Realtors existing home resales report for February -- giving a broader picture of the national housing market -- showed a 2.9 percent increase in sales, but the median price of a single-family house was down 8.7 percent year-over-year and the downward price pressure from the inventory overhang, at 9.2 months, was still substantial.
