The S&P/Case-Shiller Home Price Indices report for October 2008 was released today. By now the gloomy report has been trumpeted on the web and will be the lead story on tonight's network news shows. It "shows continued broad based declines in the prices of existing single family homes across the United States, with 14 of the 20 metro areas showing record rates of annual decline and 14 now reporting declines in excess of 10% versus October 2007." As stated in the NY Times:
“October was clearly the free-fall month,” said David M. Blitzer, chairman of the index committee at Standard & Poor’s. “Everything was going against us in October, without exception.”
October's report shows the DC area's market continues to decline. The rate of monthly decline - the acceleration - fell again. Effectively, the DC area's home price index is now between that of May and June 2004. If it's any consolation, things are worse elsewhere:
Phoenix remains the weakest market, reporting an annual decline of 32.7%, followed by Las Vegas, down 31.7%, and San Francisco down 31.0%. Miami, Los Angeles, and San Diego were close behind with annual declines of 29.0%, 27.9% and 26.7%, respectively.
The charts below reflect home price data for the Washington, DC MSA.