The S&P/Case-Shiller Home Price Indices report for July 2009 was released Tuesday. You could almost hear the champagne bottles popping all over the country, considering how the media reported it. The report show "although still negative, the annual rate of decline of the 10-City and 20-City Composites improved compared to last month’s reading."
“The rate of annual decline in home price values continues to decelerate and we now seem to be witnessing some sustained monthly increases across many of the markets” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s. “The two composites and all metro areas are showing an improvement in the annual rates of return, as seen through a moderation in their annual declines. Looking at the monthly data, the 10-City and 20-City Composites and 18 of the 20 metros areas increased in July. In addition, both Composites and 13 of the MSA have had at least three consecutive months of positive prints. These figures continue to support an indication of stabilization in national real estate values, but we do need to be cautious in coming months to assess whether the housing market will weather the expiration of the Federal First-Time Buyer’s Tax Credit in November, anticipated higher unemployment rates and a possible increase in foreclosures.”
The report's chart shows that nationally, home prices are back to "the autumn of 2003" level. YoY, DC area prices are 9.81% lower. While prices continue to rise in the DC area, the price increase June/July was less than that of May/June.
The charts below reflect home price data for the Washington, DC MSA.