Report: Home prices slip in Seattle, but plunge in other parts of U.S.

Prices for existing homes in the Seattle area were a record 15 percent lower in January than in the same month last year, according to a widely watched national report released today.

But, while the year-over-year decline was the steepest yet, home values here still are holding up better than those in most major markets included in the Standard & Poor's/Case-Shiller 20-city housing index.

Overall, home prices in those 20 cities tumbled by a record 19 percent, the largest decline since the index started in 2000. Phoenix was down 35 percent, Las Vegas 32.5 percent, San Francisco 32.4 percent.

Seattle's year-over-year decline was the 12th-steepest among the 20 markets. The local price drop between December and January — 3.6 percent — also put Seattle in the middle of the pack.

All 20 cities in the report showed monthly and annual price declines. Dallas, Denver and Cleveland fared best, with drops of just 4.9, 5.1 and 5.2 percent, respectively.

Seattle home prices peaked in July 2007, according to the index. Since then, prices have dropped 19.7 percent, to levels not seen since summer 2005.

But that's still better the rest of the country: Prices in the 20-city index have plummeted 29 percent from their peak in summer 2006.

"There are very few bright spots that one can see in the data," said David Blitzer, chairman of the index committee at Standard & Poor's. "Most of the nation appears to remain on a downward path."

The Case-Shiller Index is designed to track sales of existing single-family homes.

Material from The Associated Press is included in this report.

Eric Pryne: 206-464-2231 or epryne@seattletimes.com