December 8, 2011 (Jeff Alan)
Prices for condominiums in Los Angeles and San Francisco hit their lowest levels since long before the housing crisis began and New York was the only market to see prices increase in September according to Standard and Poor.
Of the five condominium markets covered by Standard & Poor’s indices, four of the markets posted price declines for the month.
The long slide in condo prices continued in California with monthly condo prices in Los Angeles declining 0.7 percent in September and in San Francisco condo prices declined 1.3 percent according the latest S&P/Case-Shiller Index.
In Los Angeles, condo prices have fallen in 14 of the last 15 months leaving condo prices in the area 7.4 percent lower than in September 2010.
In San Francisco, over those same 15 months, condo prices have fallen 12 times leaving prices 8.7 percent lower than in September of last year.
Condo prices in Los Angeles are now back to levels last seen in mid-2003, and in San Francisco, condo prices have dropped back to mid-2002 levels.
The index for Boston fell 1.4 percent from August to September and is also 1.4 percent lower than in September of last year. Chicago posted a decline of 0.3 percent and condo prices there are 7.7 percent lower than in September of 2010.
New York was the only market to post a price increase in September, 0.4 percent, and was also the only market to post a price gain, 0.9 percent, since September of last year.
Condo prices in Los Angeles have declined 39.8 percent since its market peak in August 2006, while San Francisco’s prices have declined 33.9 percent since its peak.
Whereas in New York, condo prices have declined 12.0 percent since its peak in February 2006 and Boston’s decline has been 12.8 percent since its peak. Chicago’s condo prices have declined 28.5 percent since its market peak.
Tags: California, condo prices, S&P, Case-Shiller Index, Los Angeles, San Francisco, Boston, Chicago, New York, market prices
Standard and Poor