DC Area Home Prices Increase 9 Percent

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    NEWSLETTERS

    TK
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    The Washington Examiner is reporting that home prices in the D.C. area “soared about 9 percent” between May 2009 and May 2010.

    The latest data comes from a report released by real estate analytics company Clear Capital. To be exact, home prices in the area increased 9.3 percent over the past 12 months and they rose 6.8 percent nationally, the biggest jump since July 2006, according to The Examiner.

    Prices in the area have been increasing consistently over the last year as the number of bank-owned homes have been decreasing.

    From The Examiner:

    The Washington area has seen continual price improvement over the last four quarters, said Alex Villacorta, senior statistician for Clear Capital.

    “It’s pretty interesting and encouraging to see” that kind of stabilization in the Washington area, he said.

    Indeed, mortgage rates holding near record lows, combined with the expiration of the expanded homebuyers’ tax credit in April, have helped propel the market in recent months.

    The percentage of bank-owned sales are dropping in the Washington area, Villacorta said — another positive sign for the market. For the period ending in May, bank sales comprised 20 percent, vs. about 37 percent at its worst levels, he said.

    To read the full article, click here.

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