Seattle-area home prices continued to decline in May, falling 0. 5 percent from the month before, according to the Standard & Poor's...
Seattle-area home prices continued to decline in May, falling 0.5 percent from the month before, according to the Standard & Poor’s/Case-Shiller Home Price Index released Tuesday.
On an annual basis, Seattle’s prices moved down 6.3 percent, compared with a 15.8 percent decline for the 20-city index. That double-digit drop is the steepest since the index was created in 2000.
The 20-city index fell 0.9 percent in May from April.
The 10-city index, which doesn’t include Seattle, plunged 16.9 percent for the year, the biggest decline in its 21-year history. It fell 1 percent in May from April.
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No city in the 20-city index saw price gains in May, the second straight month that’s happened. The monthly indexes have not had an overall home price rise in any month since August 2006.
Home values have fallen 18.4 percent since the 20-city index’s peak in July 2006.
“Regional patterns stand out,” said David Blitzer, chairman of Standard & Poor’s index committee. “The Sun Belt led by Miami, Tampa, Phoenix, Las Vegas, San Diego and Los Angeles saw the biggest booms and now see the largest declines.”
But there was a possible bright spot in the otherwise dismal report: Seven metro areas — Tampa, Fla.; Boston; Detroit; Minneapolis; New York; Dallas; and Atlanta — showed smaller annual declines.
Seattle’s decline in May was greater than April’s 4.9 percent drop.
Las Vegas had the worst drop in May, with prices plunging an annual 28.4 percent. Miami was second, with prices down 28.3 percent. And the value of housing in Detroit is now lower than it was in 2000.
Charlotte, N.C., saw the smallest drop, 0.2 percent. Until April, that city had been the last metro still showing price gains.
Information from The Associated Press and Seattle Times business reporter Elizabeth Rhodes is included in this report.