A home price index report showed record annual pace drops in November. The S&P Case-Shiller Home Price Index, a survey of 20 major metropolitan areas across the nation, tumbled by the sharpest annual rate on record, 18.2 percent over the 12 months ended Nov. 30. A annual rate drop not observed since 2004.

The 10-city index fell 19.1 percent same as October for the biggest drop in the index 21-year history.

Homes in the 20-city index have lost more that a quarter of their value since their peak in July 2006. Phoenix, Las Vegas and San Francisco led the losers with annual declines greater than 30 percent. Phoenix recorded the worst at 32.9%, followed by Las Vegas, at 31.6%.

Eleven of the 20 cities showed record fall, and the annual price drops for 14 of the cities were at double-digit percentage.

The National Association of Realtors said  in a report last Monday, the median home price dropped a record 15 percent in December to $175,400, down from $207,000 a year ago. That caused a surprising increase in sales compared to November. With the falling prices, more renters are now seen buying a home for the first time in years. Falling home together with lower interest rates makes owning a house more affordable and is luring buyers back into the market.

With the NAR’s home affordability index, November showed the best reading since 1993.

With a 10 percent down payment and the current interest rates, a buyer of a median-priced home now would save about $254 a month if he bought today instead of last year.