The S&P/Case-Shiller Home Price Indexes were released on Tuesday, September 30th. According to the data prices the Washington DC metro area fell 15.8% in July 2008 from the same period last year while only falling 1.1% from June 2008. In Anne Arundel County the home price index for July 2008 was down 5.1% from June 2007 but the index was down only 0.1% in July from June. In Annapolis the home-price index was up 1.6% in July 2008 over one year ago and the index was up 1.3% in July over June.
Although the Washington DC metro area S&P/Case-Shiller Home Price Index is not yet out for August or September - it's published with a two month lag - the Baltimore metro area index is down 3.2% in August 2008 over the same period last year and down 3.2% in September from this time last year. The Anne Arundel County home price index is down 5.6% in August 2008 from the same period a year ago and is down 6.1% this month from the same time last year and is down 0.6% from last month. The Annapolis home price index is up 2.3% in August 2008 from the same period last year and is up 1.0% this month and is up 1.1% from last month.
Since November 2007 the Annapolis home price index has been higher than the Washington DC metro area home price index. The Anne Arundel County home price index has been higher than the Washington DC metro index since July 2008. Both remain higher than the Baltimore metro home price index.
All home price indexes are likely to continue to decline as the end of the spring/summer selling season is nearly upon us. As we transition from fall into winter, the presidential election, the bailout/rescue plan, and other national events will all have an impact on local real estate sales. Once upon a time a booming economy bolstered support for a rapidly appreciating local market. Our market has now been relatively level for two years and is position for another period of appreciation once current events are behind us.
If you are thinking about buying or selling a home or know someone who is, for a confidential, private, professional consultation without any obligation to discuss today's real estate market, please contact Stephen Howell at 410-923-3217.