The S&P/Case-Shiller Home Price Indice report for July 2008 was released today. It "shows continued record declines and a continuation in the trend of double digit declines across many cities in the prices of existing single family homes across the United States."
Home prices continue to decline in the Washington, DC MSA [see the charts below]. Effectively, the DC area's home price index has fallen to slightly above that of August 2004. Our area's month/month rate of decline picked up a bit in July.
On a national level, the report states "for the three months of May thru [sic] July, home prices cumulatively fell about 2.2%; whereas for the three months of February thru [sic] April, and November 2007 thru [sic] January, the cumulative rates of decline were closer to 6.0-6.5%..." DC is experiencing the same market behavior: prices fell 2.9% during May-July, and for November-January and February-April, cumulative prices declines of 5.69-6.45%.
The charts below reflect home price data for the Washington, DC MSA.