Housing prices down 16.3 percent in July compared with last year
Here’s a summary of the Standard & Poor’s/Case-Shiller Home Price Indexes release last week:
- Prices of U.S. single-family homes were down 16.3 percent in July compared to a year earlier
- The composite index of 20 metropolitan areas fell 0.9 percent in July from June
- The pace of home price declines since May has slowed (to about a third of the rate of the two previous three-month periods)
- Home prices in the DC area are just higher than where they were in August 2004
Of course, what could be bad news for sellers might be great news for buyers or investors (which, based on yesterday’s post, seems to be the case).
(Via Reuters and DC Home and Condo Prices)
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