The S&P/Case-Shiller Home Price Indices report for November 2008 was released today. It "shows continued broad based declines in the prices of existing single family homes across the United States, with 11 of the 20 metro areas showing record rates of annual decline, and 14 reporting declines in excess of 10% versus November 2007... The freefall in residential real estate continued through November 2008,” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s. "
The DC area's market continues to decline; YoY, prices fell 19.37%. The rate of monthly decline - the acceleration - slowed in November. However, the DC area's home price index is now between that of April and May 2004.
The charts below reflect home price data for the Washington, DC MSA.