Home Prices Fall To Seven-Year Low

May 27, 2008 9:58 a.m. EST

Washington, DC (AHN) - U.S. home prices in March fell a record 14.4 percent in 20 cities, according to an index of 20 cities announced Tuesday. In February, the Case-Shiller numbers released by Standard & Poor's showed a 13 percent decline compared to the previous year.

Among cities, Las Vegas led with a 26 percent drop in home prices, followed by a 25 percent fall in Miami. The only gain was registered in Charlotte, NC with a tepid 0.8 percent increase in home prices.

On Friday, the National Association of Realtors said home sales fell to an almost 10-year low to 4.89 million.