Case-Shiller Home Price Index Continues to Decline

By
Real Estate Agent with Coldwell Banker Residential Brokerage

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

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.

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Stephen Howell, Sales Associate, Coldwell Banker Residential Brokerage, Annapolis, MarylandIf you are interested in buying a home in Annapolis, Maryland or the surrounding area and want to tour any property currently on the market, or if you have a home to sell in Annapolis, Maryland and want a professional consultation on current market conditions, please contact Stephen Howell at 443-994-8043 or e-mail him at showell@liveinannapolis.com or visit his website at LiveInAnnapolis.com.

Stephen Howell came to Annapolis to enjoy the Chesapeake bay in 1994. What he discovered was a whole new lifestyle. Ever since Stephen Howell has been successfully helping others make the most of Annapolis, Maryland. You'll find that with the right professional by your side, you can Live the lifestyle and live, work and play in Annapolis Maryland.

Stephen Howell and Jackson (his hound-mix from the HSSC) maintains residences on the Chesapeake Bay in Annapolis, Maryland and Gulf Coast in Sarasota, Florida. He works in the Annapolis, Maryland real estate market. His website lets people search the Annapolis Maryland area MLS. Buyers can also search for waterfront homes along the Cheasapeake Bay. His website has current real estate data on Annapolis, Maryland.

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