OFHEO home price index data out ...
* Home prices were UP 3.19% from a year ago. That's down from a 4.45% gain in Q1 2007 and a 9.98% gain in Q2 2006. Moreover, it's the smallest gain since Q2 1997, when prices rose 3%.
* On a quarter-over-quarter basis, prices were up 0.08%. That's down from a 0.55% gain in Q1 2007 and a 1.3% gain in Q2 2006. It's also the worst reading since Q4 1994, when prices dipped 0.23%.
* By state, Utah showed the fastest rate of appreciation over the past year at +15.28%. Wyoming (+12.84%) and Washington (+9.12%) were next in line. Five states showed price declines -- Rhode Island (-0.97%), Massachusetts (-0.99%), California (-1.38%), Michigan (-1.42%), and Nevada (-1.45%)
* By city, Wenatchee, WA was the appreciation winner (+23.54%), with Provo-Orem, UT (+18.21%) and Salt Lake City, UT (+16.03%) close behind. The weakest links? Merced, CA (-8.65%), Santa Barbara-Santa Maria-Goleta, CA (-8.1%) and Stockton, CA (-7.2%). A total of 61 out of 287 metro areas showed price declines. That's 21.3% of the sample. In Q1 2007, 46 of 285 cities showed declines -- 16.1%. In other words, price declines are becoming more widespread.
Sadly, my own metro (West Palm Beach-Boca Raton-Boynton Beach, FL) ranked 272nd on the list, with a 1-year decline of 4.51%. I don't think they give out ribbons for that kind of performance.