Washington home prices fell 7.8% in the year ended in November, by the math of S&P/Case-Shiller indexes. That's the worst depreciation rate in this database that dates to 1987, as this chart shows. (Click it to see bigger version!)
The only good news in this may be that of the 20 major U.S. markets these guys track, eight have suffered deeper one-year losses than DC/MD/VA. A 20-city composite index is off 7.7% in the same year.
S&P/Case-Shiller uses a "paired sales" index that tracks individual losses or gans on homes sold vs. following movements in overall medians or averages of all homes sold in a given period. Here's S&P index changes, for the year ended in November and each region's fall from the peak. All 20 are off their highs ...
Region | Past year | From peak |
Miami | -15.1% | -15.3% |
San Diego | -13.4% | -16.3% |
Las Vegas | -13.2% | -14.0% |
Detroit | -13.0% | -17.2% |
Phoenix | -12.9% | -14.5% |
Tampa | -12.6% | -14.5% |
LA | -11.9% | -12.2% |
San Francisco | -8.6% | -10.5% |
DC/MD/VA | -7.8% | -11.0% |
Minneapolis | -6.6% | -7.3% |
Cleveland | -5.8% | -8.3% |
New York | -4.8% | -5.5% |
Chicago | -3.9% | -4.1% |
Denver | -3.1% | -4.9% |
Boston | -3.0% | -8.2% |
Atlanta | -2.0% | -3.7% |
Dallas | -1.2% | -3.2% |
Portland | +1.3% | -1.5% |
Seattle | +1.8% | -2.7% |
Charlotte | +2.9% | -2.4% |
20-city composite | -7.7% | -8.6% |
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