Homes here worth less than in ‘07
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home prices, real estate March 26th, 2008NEW YORK — The average Seattle-area home price fell year over year for the first time since 1991, according to a home-price index of 20 cities released Tuesday.
Prices dropped 1.3 percent in January compared with the same month a year earlier, the Standard & Poor’s/Case-Shiller index showed.
While that stung area home sellers, others across the nation fared much worse.
U.S. home prices fell 10.7 percent in January from the same month last year, according to the index, which showed the steepest decline in its two-decade history. The index measures the average change in the prices of same-quality homes in 20 major metropolitan areas.
The Northwest Multiple Listing Service had reported that in December, King County prices declined year-over-year for the first time in recent history, to $435,000. Prices have since slid further.
The two reports cover different geographic areas, and the MLS report focused on the median single-family house price, not an average, as the new report does. The median price is the point where half the homes sell for more, half for less
According to Tuesday’s report, which does not cite dollar figures, only Portland had a smaller annual decline than Seattle — 0.5 percent
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Tags: home prices, real estate
