Seattle-area home prices keep falling in February

By Qiong (June) Zhang37 Comments

Seattle-area prices were down 0.8 percent from January and 2.9 percent from a year ago, according to the closely watched Standard & Poor’s/Case-Shiller index.

The metropolitan area, which includes King, Snohomish and Pierce counties, was one of nine of the 20 cities tracked by Case-Shiller to hit a new post-housing crisis low.

Seattle’s month-over-month and year-over-year declines fell in the middle of the pack among the 20 metropolitan areas.

Prices were up compared to a year ago in just five cities: Denver, Detroit, Miami, Minneapolis and Phoenix.

Some economists expect foreclosures to keep prices under pressure this year, even though they think sales of previously occupied homes will rise.

Humphries estimates that foreclosed homes made up about 20 percent of February sales. That figure has been 15 to 20 percent since late 2008, he said. In a healthy market, it’s usually less than 5 percent.


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