The Case Shiller numbers have come out for August and the residential housing market numbers are looking grim. The bright spots, Cleveland and Boston, were the only 2 positive cities month over month in the 20 city report, everyone else was down. San Francisco saw the biggest decline dropping 5.46 % last month.
The combination of an excess supply of real estate on the market, foreclosures filtering through, and the turmoil on Wall Street and the credit markets has essentially shut down large parts of the real estate market.
Case Shiller 20 City Report – August 2008
City Jul 08 v Aug 08 Aug 07 v Aug 08 Cleveland 1.17% - 6.60% Boston 0.17% - 4.70% Denver -0.03% - 5.10% Chicago -0.07% - 9.80% Atlanta -0.26% - 8.50% Dallas -0.26% - 2.70% New York -0.46% - 6.80% Washington DC -0.62% -15.40% Detroit -0.77% -17.20% Tampa -0.77% -18.10% Charlotte -1.10% - 2.80% Seattle -1.27% - 8.80% Minneapolis -1.45% -13.50% Portland -2.28% - 7.60% Miami -3.36% -28.10% Los Angeles -3.37% -26.70% Las Vegas -3.63% -30.60% San Diego -3.97% -25.80% Phoenix -4.26% -30.70% San Francisco -5.46% -27.30% Case Shiller 10 City -1.96% -17.70% Case Shiller 20 City -1.72% -15.90%
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I think it's worth remembering that the Case-Shiller Index aggregates sales data from most Bay Area Counties, including Contra Costa County where median prices are down a whopping 45% YOY (year over year). I discuss the Case-Shiller Index and the discrepancy between its figures for "San Francisco" (really a huge Metropolitan Statistical Area, or "MSA") vs. the numbers for San Francisco on its own on my blog http://www.pegasusventures.net/wordpressblog. The picture still isn't great, but it's not nearly as bad as you'd believe if you just followed the Case-Shiller Index.