NOVATO, Calif., Oct. 1 /PRNewswire/ -- From an all-time record high of $296,000 set in March of 2007, the Winans International Real Estate Index (WIREI)™ has declined 24% to a new low of $225,100. This eclipses the previous low of $226,900 set in January 2009.
"This marks the worst price decline in U.S. new home prices since the 33% decline from December 1939 to December 1945. Clearly, residential real estate prices nationwide continue to be weak, and I doubt there will be a new bull market in stocks without a rebound in housing," says Ken Winans, President of Winans International Investment Management & Research.
The Winans International Real Estate Index (WIREI)™ is the only index that measures U.S. home prices from 1830 to present and posts new housing data without a 2-month lag found with other popular real estate indexes.
SOURCE Winans International