Prices were also down 1.1% from December.
Just three U.S. cities showed a gain in price in January compared to December – Phoenix, Miami, and Washington DC. Miami and Phoenix have seen some of the largest declines over recent years, but the low price point and warm weather has been drawing an increasing number of Canadian investors.
As supply has started to weaken in the lower price brackets, prices have started to be pressured up again. Prices were up 0.8% in Phoenix in January compared to December, and up 0.6% in Miami over that period.
Other major cities continued to show weakened values, according to the report. Atlanta, Chicago, Cleveland, Las Vegas, New York, Portland, Seattle and Tampa all made new lows in January, said David Blitzer, who is chairman of the index committee at S&P Indices.
He noted Atlanta had fallen 19.7% over the last six months. Seven other cities were down by 1% or more.
The ten and twenty city composites are now 34% off their peak from 2006.
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Tuesday’s release of the S&P/Case-Schiller Home Price Indices showed prices were down 3.8% in January nationally from a year ago using a composite of 20 of the largest cities in the U.S.