TAMPA - Home prices in the Tampa Bay area continued to fall in November, posting a 20.9 percent decline, according to the S&P/Case-Shiller home-price index, released Tuesday.

The index is closely monitored by housing experts and considered a key indicator in the direction of the housing market. The index tracks 20 metro areas. It shows prices in those areas fell an average of 18.2 percent from November 2007 through November, a record decline.

"The free-fall in residential real estate continued." said David Blitzer, chairman of the index committee.

The Phoenix and Las Vegas areas posted the largest declines, at 32.9 percent and 31.6 percent, respectively. More than half the metro areas tracked showed record annual declines.

Miami, the other Florida city tracked by the index, posted a 28.7 percent decline.

The Bay area continued a trend of falling prices, and experts say the index is likely to show even further declines for December.

That report will be out in February. The index lags two months.

Prices fell 19.8 percent in October and 18.5 percent in September, both based on year-ago comparisons.

The 20-market index shows prices are at levels similar to the first quarter of 2004. Prices have dropped 25.1 percent from the peak in mid-2006.

Reporter Shannon Behnken can be reached at (813) 259-7804.