Case-Shiller: U.S. home-price declines slowing

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The S&P/Case-Shiller home price index, which compares sales of single-family homes with their previous sale price, was down 17% in May from a year ago.

Since January, the index has stopped declining at a record-breaking pace each month, so S&P officials say four months of slowing declines could signal some stabilization. They warn, however, that ‘we likely have a way to go before we see sustained price appreciation.’

In the Los Angeles area, prices are down 20% from a year ago and 42% from the 2006 peak. By price tiers, low-end L.A. is off 56% from the peak, the mid-tier is down 42% and the highest-priced tier is off 31%. Both the mid-tier and high-tier were up slightly from April, the first time that’s happened since 2006 and 2007, respectively.

The worst declines from the peak so far are in Phoenix (55%) and Las Vegas (53%).

-- Peter Y. Hong