Seattle Area Real Estate & Home Price Drops Amongst The Nation's Largest

Posted by The Cascade Team Real Estate on Thursday, December 23rd, 2010 at 3:55pm

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Seattle area home prices were down 7.2 percent in October from a year earlier, putting the area 39th out of 45 areas nationwide, according to a new report.

Nationwide, prices were down 3.9 percent from a year earlier, according to the CoreLogic Home Price Index.

"We are continuing to see the weakness in home prices without artificial government support in the form of tax credits," CoreLogic Chief Economist Mark Fleming said in a news release. "The stubborn unemployment levels and seasonality are also coming into play. When you combine these factors with high shadow and visible inventories, the prospect for a housing recovery in early 2011 is fading."

The decline in King and Snohomish counties was larger than the 5.4 percent drop in September and the biggest since December (8.9 percent). Nationwide changes ranged from an increase of 3.3 percent in the Houston area to an 11.2 percent drop in Jacksonville.

Washington state saw prices drop 6.8 percent, after a 5 percent decline in September. Washington ranked 45th among states and Washington, D.C.

Changes ranged from an increase of 4.6 percent in North Dakota to a 15.1 percent decline in Idaho.

The index is one of several that gauges price changes by looking at repeat sales of the same homes, rather than whatever happens to sell in a given month, but does not list actual prices.

King County's median house price was $359,950 in King County in November, down 2.7 percent from a year earlier, according to the most recent report from the Northwest Multiple Listing Service.

Reposted from Seattle PI Blog

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