D.C. Housing Market Still Strong Compared to Nation

D.C. home prices decreased by 1.2 percent year-over-year, according to the most recent Case-Schiller data.

That decrease was the smallest decline among the research firm's index of 20 major metropolitan areas.  Across the country, home prices declined from last year by 5.9 percent, making today's home prices roughly equal to prices in 2003.

But the new numbers held a few bright spots for the D.C. region.  In the Washington metro area, home prices increased by 2.3 percent between June and May, and one month before that, prices increased .6 percent, according to the Chase-Schiller data.

“This month’s report showed mixed signals for recovery in home prices. No cities made new lows in June 2011, and the majority of cities are seeing improved annual rates. The National Index was up 3.6% from the 2011 first quarter, but down 5.9% compared to a year-ago,” says David M. Blitzer, Chairman of the Index Committee at S&P Indices.

The D.C. market was at its lowest in March of 2009, when prices were down 33.9 percent from May 2006 levels, the market's height.  Since the low point, prices have risen 10.9 percent, according to the Case-Schiller data.  Out of the nation's 20 largest metropolitan markets, D.C. continues to be one of the top performers.

By contrast, up the coast, New York's market continues to stumble, having hit a new low in March of this year.

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