The S&P/Case-Shiller Home Price Indexes were released on Tuesday. Prices in the Metro-Washington DC area fell 15.7% in June 2008 versus the same period last year while only falling 0.9% from May 2008. In Anne Arundel County the home price index (caluclated using a similar methodology to the Case-Shiller index) for June 2008 was down 2.3% was down from June 2007 and the index was up 3.0% in June from May. In Annapolis the home-price index (again, caluclated using a similar methodology to the Case-Shiller index) was up 6.8% in June 2008 over one year ago while the the index was up 11.0% in June over May.
Although the Washington DC Metro S&P/Case-Shiller Home Price Index is not yet out for July 2008, the Anne Arundel County home price index is down 5.1% in July 2008 from July 2007 and is down 0.1% from July 2008 from June 2008. The July 2008 Annapolis home price index was up 1.6% from July 2007 and was up 1.3 from June 2007.
S&P/Case-Shiller Home Price Index
Since November of 2007 the Annapolis home price index has been higher than the Metro Washington DC home price index. The Anne Arundel County home price index has now been higher than the Washington metro index since July 2008. This suggests that while metro area prices continue to decline, Anne Arundel County and Annapolis prices remain more stable.
While no one can predict the future with any certainty, one thing is certain - it remains a buyer's market. Buyers have large numbers of desirable properties from which to choose and sellers have lots of competition. A firm understanding of the market trends and forces is necessary for making the best real estate decisions.
So, if you are serious about buying or selling a home in today's real estate market, for a no-obligation confidential and professional consultation contact Stephen Howell, Associate Broker, REALTOR®, Coldwell Banker Residential Brokerage, 410-923-3217.