The S&P/Case-Shiller Home Price Indice report for August 2008 was released today. It " shows continued broad based declines in the prices of existing single family homes across the United States, a trend that prevailed throughout the first half of 2008 and has continued into the second half...Once again, the indices have set new records, with annual declines of 17.7% and 16.6%, respectively. However, the acceleration in decline was only moderate in August. The July data reported annual declines of 17.5% and 16.3%, respectively."
August's report gives the impression that DC homes prices may have hit bottom. The rate of monthly decline - the acceleration - has lessened and while homes prices were lower YoY, they were not as low as September's YoY pricing data. Effectively, the DC area's home price index has fallen to slightly above July 2004, but below AUgust 2004.
A 15.35% price decline is painful, but it's nothing compared to other cities. YoY, Las Vegas is down 30.6%, LA down 26.7%, Miami down 28.1%, and SF down 27.3%.
The charts below reflect home price data for the Washington, DC MSA.