Seattle home prices slip in August, Case-Shiller survey shows
Seattle-area home prices slipped in August, ending five straight months of increases, according to the closely watched Standard & Poor's...
Seattle Times business staff
Seattle-area home prices slipped in August, ending five straight months of increases, according to the closely watched Standard & Poor's/Case-Shiller index.
Prices were down 0.3 percent from July. Of the 20 metropolitan areas tracked by Case-Shiller, only Atlanta and Los Angeles saw steeper month-over-month declines. Prices in Las Vegas and Miami also fell 0.3 percent.
While the composite, 20-city index rose 0.2 percent, Seattle was one of 10 cities where prices dropped.
The Seattle metropolitan area includes King, Snohomish and Pierce counties.
Home prices were down 3.8 percent nationally and 6.1 percent in Seattle from August 2010. But the rate of year-over-year decline in 16 of the 20 cities tracked — including Seattle — was less steep than in July.
David Blitzer, chairman of the index committee at S&P Indices, called that "a modest glimmer of hope."
But Stan Humphries, chief economist at Seattle-based online real-estate marketplace Zillow.com, said he expects prices will keep dropping for the rest of the year, in part because the number of low-priced, bank-repossessed homes on the market will increase.
"We expect to see continued home value depreciation as unemployment and negative equity remain high," Humphries said in a statement.