Seattle-area September home prices continue decline along with other major cities

Sept 2010 Chase Shiller
Sept 2010 Chase Shiller
(Click on image for larger version) 

Data through September 2010, released by Standard & Poor’s for its S&P/Case-Shiller Home Price Indices  reveal that the U.S. National Home Price Index declined 2.0% in the third quarter of 2010. The index had rosen 4.7% in the second quarter reflecting the tax-credit boost to home sales.

Nationally, home prices are 1.5% below their year-earlier September 2009 levels… In September, 18 of the 20 metropolitan areas were down.

While housing prices are still above their spring 2009 lows, the end of the tax incentives and still active foreclosures appear to be weighing down the market.

Seattle Housing Prices: Sept2010 Chase-Shiller

Seattle Housing Prices: Sept2010 Chase-Shiller

And the Seattle market still drifting downward… 

In the Seattle metropolitan area, including King, Snohomish and Pierce counties, prices fell 0.6 percent in September 2010. Seattle-area home prices peaked in July 2007, a year later than the national apex.

Since then, prices have dropped 24.6 percent, according to Case-Shiller.

Graph from Seattle Times

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