How Home Prices Fared in 20 Markets in 2007

Seattle

Seattle is one of three MSAs that are still experiencing positive annual growth rates, but Seattle is just barely hanging on with a 0.5% price increase. "It is a slower market, but a sustaining market," says Re/Max Connected agent Eileen Tefft. "I had a multiple offer situation two weeks ago for a severely underpriced home. We drop prices here 3% to 5% if the homes haven't sold within 3 to 4 weeks. When the market is good we reduce prices after one week. This [slow down] is something that should bounce back any day now."

Tampa

Tampa home prices slipped 13.3%. "In the Tampa market Luxury Home sales have remained steady," says Daniel Westbrook of Re/Max First in Real Estate. "I have more traffic on my luxury homes, than I do my listings that are in a lesser price range."

Washington, D.C.

Home prices in the State Capitol fell 9.4%. In nearby Prince William County, Va., homes are sitting for 120 days without offers, says Assist2Sell Broker Susan Jacobs. The price on one of her listings in Bristow, VA has dropped to $284,990, just $10,000 more than nearby foreclosures. "Sellers who want or need to sell are forced to drop their price to or below most foreclosures to result in an offer," she says.

Click here to see prices and photographs of selected homes in these markets.