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DC Home Prices Down 19.4 Percent

  • January 27th 2009

by Will Smith

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The monthly Standard & Poor’s Case-Shiller Index, which breaks out the year-to-year housing price movement of 20 major metropolitan areas across the US, was released today. The report showed that DC home prices fell 19.4 percent from November 2007 to November 2008.

The other numbers published in today’s report are sobering, though not surprising. National housing prices plunged 18.2 percent in the year-long period ending November 30, ratcheting prices back to February 2004 levels. Eleven of the 20 measured cities showed record declines, and 14 of the annual declines were in the double digits. Phoenix and Las Vegas saw the worst drops, with 32.9 percent and 31.6 percent price declines, respectively. San Francisco (30.8 percent), Miami (28.7 percent), and LA (26.9 percent) rounded out the top 5. DC had the ninth highest decline on the list.

Today’s Case-Shiller numbers are an unwelcome contrast to the hopeful numbers published yesterday by the National Assocation of Realtors, which saw national home sales accelerate from November to December of last year.

See more on the Case-Shiller numbers at CNNMoney.com, as well as Standard & Poor’s press release.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/dc_home_prices_down_19.4_percent/483.

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