Standard and Poor’s just released their Case-Shiller 1st quarter 2011 US housing price indices report, based on 20 of the nation’s largest markets and report that US housing prices have declined by 4.2% after having fallen by 3.6% in the 4th quarter of 2010. The National Index hit a new recession low with the first quarter’s data and posted an annual decline of 5.1%.
18 of the 20 markets showed declines while Washington, D.C. was the only city that showed both a modest monthly increase of 1.1% and an annual increase of 4.3%. Seattle, WA was the other city which showed a monthly increase of 0.1%, but was still down 7.5% on an annual basis.
The report, which can be found HERE, also shows that nationally, home prices are back to mid 2002 levels. The report is sparking fear of a double-dip recession.
Closer to home, here are the results for April 2011:
Baltimore Metro Area
(Anne Arundel, Baltimore, Carroll, Harford, Howard Counties and Baltimore City)
Average Sales Price +2.09% Year over Year; –7.31% Month over Month
Average Sold to List Price: 86.96% (example – Sold $260,880; List $300,000)
Eastern Shore of MD
(Caroline, Cecil, Dorchester, Kent, Queen Anne’s and Talbot Counties)
Average Sale Price +6.15% Year over Year; –3.00% Month over Month
Average Sold to List Price: 85.48% (example – Sold $256,440; List $300,000)
Anne Arundel County +2.09% Year over Year; –7.31% Month over Month
Average Sold to List Price: 89.33% (example – Sold $267,990; List $300,000)
Additionally, the National Association of Realtors reported in their Pending Homes Sales Index, that pending home sales for April 2011 are off by 26.5% year over year.
While these numbers indicate a fundamental weakness in the for the US housing market, be sure to check with your Realtor to discover the statistics for your local real estate market. Remember, real estate is local, right down to the zip code or subdivision sometimes. Averages on the national level may not reflect your local real estate market and statistics may be better or worse than the national average.