L.A. prices fell 4.1% in spring

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L.A. home prices fell 4.1% in the second quarter from year-earlier levels, according to the Case-Shiller index, which attempts to measure the change in value of a given house over time.

The national story from CNBC.com: ‘Home prices across the nation declined by 3.2% in the second quarter from a year earlier, suggesting the housing downturn has deepened, according to the S&P/Case-Shiller U.S. National Home Price Index.’

Various markets for 2Q 07 vs. 2Q 06:
Los Angeles: -4.1%
San Francisco: -4.0%
San Diego: -7.3%
Las Vegas: -5.1%

The Case-Shiller index uses ‘matched pairs’ of houses to measure changes in prices, on the theory that a home that has sold multiple times can hold valuable information about price trends. We consider it the best single statistic measuring changes in home values, but of course we are always open to other thoughts and opinions.

Thoughts? Comments? E-mail story tips to lalandblog@yahoo.com.