Wednesday, December 26, 2007

S&P/Case Shiller Report: DC prices fall

The S&P/Case-Shiller Index just released its report for October 2007. The news isn't good:

The decline in home prices accelerated and spread to more regions of the country in October, according to a series of private indexes released Wednesday.

Prices fell 6.1 percent from October 2006 in 20 large metropolitan areas, according to Standard & Poor's/Case-Shiller indexes, compared with a 4.9 percent decline in September. All but three of the 20 regions saw real estate values fall, and even the three places — Seattle, Portland, Ore., and Charlotte, N.C. — where prices were up from a year ago saw prices fall from a month earlier.

For the DC area, it reports:
  • Prices have fallen 7% YoY
  • Prices fell 1.1% September to October
  • Prices fell 0.4% August to September

To me, the ominous data point is the increasing rate of month/month decline in the DC area.

1 comment:

Anonymous said...

Yes. More prices to come. The spring will not 'save' the DC area housing market.