Home prices in metropolitan Phoenix slipped 2.7 percent in the past year, but the Valley has lost less ground in appreciation than other hot housing markets that led the nation in run-ups two years ago.

In 2005, metro Phoenix home prices jumped 55 percent, according to the National Association of Realtors. That was the biggest increase in the country. Other price leaders were Las Vegas and several Florida cities.

In the second quarter, prices in Las Vegas dipped 3.6 percent vs. a year earlier. In Florida, Daytona home prices slid 8.3 percent. In Palm Bay, the drop was 15 percent. Orlando fared better with a 2.4 percent drop.

The dip in local home prices is Valley-wide, with some parts of the area faring better than others.

Speculators flocked to Las Vegas, metro Phoenix and Florida cities because of their growth and inexpensive homes. Now, those who didn’t cash out are driving prices down by creating a glut of homes for sale or letting them fall into foreclosure.