Condo prices in Los Angeles and San Francisco fell once again in June, and appear to be weakening further, according to Standard & Poor’s. The S&P/Case-Shiller index tracks condo prices in the two California markets, Boston, Chicago and New York. The latest index showed L.A. prices decreased 0.5% in June from the prior month with prices in San Francisco down 0.8%. “This is occurring during a time of anticipated seasonal strength; and the data look worse if you view the markets over the prior year or so,” S&P said on its HousingViews blog. Condo prices in second-largest city in the country have declined in 11 of the last 12 reported months, pushing the L.A. index down 7.4% in June from a year earlier to a new crisis low, according to S&P. Prices in San Francisco fell in nine of those 12 months and the index is down 6.8% from a year earlier. “On average these market prices are back to their mid-2003 levels,” S&P analysts said. “While not as weak as Chicago, these two markets appear to be weakening.” Write to Jason Philyaw. Follow him on Twitter: @jrphilyaw
Condo prices in LA, San Francisco continue to slide
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