San Francisco has reported eight consecutive months of positive returns, San Diego has reported seven and Los Angeles and Phoenix are close behind with six. The two Composites were both down 0.2% over the month, and only five of the MSAs reported positive monthly returns for November. Looking at the annual statistics, Chicago is no longer reporting double-digit declines. Dallas, Denver, San Diego and San Francisco are in positive territory with their annual figures at +1.4%, +0.5%, +0.4% and +1.0%, respectively.

Charlotte, Las Vegas, Seattle and Tampa all reached new low levels in November. For Las Vegas, in particular, prices have declined for 39 consecutive months, with a peak-to-trough reading of -55.6%. It is now just 4% above its January 2000 level. This compares to its peak in August 2006, when the average home price was 135% above that same level.