Home prices fell in 18 of 20 metro areas in September; in 13 of them the decline was 1% or more. The trend in some housing markets is starting to look downright dangerous.
The nation’s most worrisome housing market saw prices drop a scary 3% in September alone, according to the S&P/Case-Shiller data. Like much of the rest of Ohio, Cleveland hasn’t found replacements for the manufacturing jobs lost over the past decade starting from the 2001 recession. The unemployment rate in Cuyahoga County, which includes Cleveland, was 9.2% in April. These days it’s at 9.7%.
Home prices have retreated here for three straight months, most recently declining by 2.1% in the month of September alone. The unemployment rate in the Minneapolis area is a pretty decent 6.7%, but it has increased from just 6.1% in May.
In Portland housing prices fell by 1.9% in September, and home prices are down 3.6% in the last year.
The town’s football team isn’t the only thing sinking this fall. Home prices fell 1.6% in September after sliding 1.2% in August.
The residential real estate market in Phoenix has cause for concern, trending downward by 1.5% in September and 1.3% in August.
After a nice run of five straight months of housing prices gains, things were looking up in Chicago. Then came a 1.5% decline in September.
Home prices have inched up 0.4% over the last year, but Boston may not be able to stay in the positive column after declines of 1.3% in September and 0.3% in August.
Home prices in Atlanta tumbled 1% in September and 1% in August. The residential real estate market is down 3.1% in the last year.