The April 2008 S&P/Case-Shiller report was released today.
Data through April 2008, released today by Standard & Poor’s for its S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, show annual declines in the prices of existing single family homes across the United States continued to worsen in April 2008, with all 20 MSAs now posting annual declines, 13 of which are posting record low annual declines, and 10 of which are in double-digits.
For the Washington, DC area, the market's not getting better [see the chart I created using their data below].
The data for the Washington, DC MSA show:
- For March 2008 to April 2008, a 1.05% decline.
- For April 2007 to April 2008, the market's declined 14.8%.
- From its peak in May 2006, the DC area has fallen 19.86%
I'm well aware the S&P/Case-Shiller report for DC covers a very broad area and excludes condos, which are a significant part of the District's market. However, it is an important data point when considering the health of the housing market in the District.