At the end of February, the S&P/Case-Shiller Home Price Indices included a look at how U.S. residential real-estate prices have fared since January 2000. That’s the year the company established a baseline index—calibrated at 100—for average home prices in each city. The chart at right shows how house prices rose above and fell below that baseline between January 2000 and December 2008 in the six largest of the 20 cities included in the report.

Chicago
Month Prices Peaked  September 2006
Index At Peak  168.60
Index—Dec. 2008  137.16
Change In Value Since Peak  –18.65%
Last Time Prices At This Level  December 2003

New York
Month Prices Peaked  June 2006
Index At Peak  215.83
Index—Dec. 2008  183.50
Change In Value Since Peak  –14.98%
Last Time Prices At This Level  November 2004

Los Angeles
Month Prices Peaked  September 2006
Index At Peak  273.94
Index—Dec. 2008  171.46
Change In Value Since Peak  –37.41%
Last Time Prices At This Level  November 2003

Phoenix
Month Prices Peaked  June 2006
Index At Peak  227.42
Index—Dec. 2008  123.93
Change In Value Since Peak  –45.51%
Last Time Prices At This Level  September 2003

San Diego
Month Prices Peaked  June 2006
Index At Peak  249.60
Index—Dec. 2008  152.16
Change In Value Since Peak  –39.04%
Last Time Prices At This Level  October 2002

Dallas
Month Prices Peaked  June 2007
Index At Peak  126.48
Index—Dec. 2008  115.63
Change In Value Since Peak  –8.58%
Last Time Prices At This Level  August 2003

Send tips about high-end home sales to dennis@rodkin.com.