Your 401(k) retirement-account balance isn’t the only asset tanking.
The price of single-family homes in the city and suburbs in the 12-month period ending in July dropped a staggering 7.4 percent, according to a survey released yesterday.
Overall, the Standard & Poor’s/Case-Shiller 20-city housing index fell a record 16.3 percent in July compared to the same month last year – the largest drop since its inception eight years ago.
The survey does not include co-ops or condos, which make up the bulk of high-end real-estate sales in Manhattan, and includes only one-family homes, most of which are located in the outer boroughs and the suburbs.
For example, the asking price of a Park Slope, Brooklyn, brownstone on the market since January is now $2.35 million, down from the original listed price of $2.8 million.
No city in the Case-Shiller index saw annual price gains in July, the fourth straight month that’s happened.
Since their peak in July 2006, prices in the index have dropped an average of 20 percent.
Despite aches and pains on Wall Street, the pace of monthly declines on Main Street has been slowing.
Between May and July, single-family home prices fell at a cumulative rate of 2.2 percent – less than half the rate experienced between February and April, according to the study.
“There are signs of a slowdown in the rate of decline across the metro areas, but no evidence of a bottom,” said David Blitzer, chairman of the Index Committee at S&P.
The New York price drops were small compared to some other metropolitan areas.
Declines were nearly 30 percent in Las Vegas, 29 percent in Phoenix and 28 percent in Miami.
“While some cities did show some marginal improvement . . . there is still very little evidence of any particular region experiencing an absolute turnaround,” said Blitzer.
The S&P/Case-Shiller survey is not the only one to show price declines this summer.
The National Association of Realtors said last week that the median price of an existing home fell 9.5 percent in August compared to the same month last year.