The latest Case-Shiller report released this morning showed that seasonally-adjusted home prices increased in the DC area between December 2011 and January 2012, while falling slightly year-over-year. The index reported that national home prices decreased on a monthly basis (-0.8%) and annual basis (-3.8%).
Between December 2011 and January 2012, home prices increased in every price tier for the DC area: the low tier (under $293,756), the middle tier (homes between $293,756 and $457,827) and the high tier (above $457,827).
The lay of the land for home prices in cities across the country was a little uneven at the beginning of 2012. From Case-Shiller:
In addition to the Composites, Dallas, Denver, Miami, Minneapolis, New York, Phoenix, San Diego, Seattle, Tampa and Washington DC saw their annual rates improve compared to December; while nine of the MSAs saw their annual returns worsen compared to what was reported for December 2011.
When considering the Case-Shiller findings, recall that the index is based on closed sales and home price data from several months ago. Another thing that is important to note is that the main index only covers single-family home prices, so co-op and condo prices are not included in the analysis that is widely reported. Chicago and New York City are two of the cities where Case-Shiller provides a separate index for condo prices, but DC does not have a similar index.
Lastly, and perhaps most importantly when considering the conclusions of the index, the area covered by Case-Shiller can only very loosely be described as the “DC area”. According to the site, the following cities are included: DC, Calvert MD, Charles MD, Frederick MD, Montgomery MD, Prince Georges MD, Alexandria City VA, Arlington VA, Clarke VA, Fairfax VA, Fairfax City VA, Falls Church City VA, Fauquier VA, Fredericksburg City VA, Loudoun VA, Manassas City VA, Manassas Park City VA, Prince William VA, Spotsylvania VA, Stafford VA, Warren VA, Jefferson WV.
See other articles related to: home prices
This article originally published at http://dc.urbanturf.com/articles/blog/case-shiller_dc_home_prices_rise_slightly/5336
Most Popular... This Week • Last 30 Days • Ever
Following a bankruptcy auction, sale closed on the property last November.... read »
The new home also has an owner's suite that spreads out over 3,300 square feet.... read »
UrbanTurf is taking a look at what we think will be the three metrics that will deter... read »
Built in 1840, the home has been home to members of Congress and presidential cabinet... read »
Over 8,000 apartments were absorbed in DC in 2021 for the first time.... read »
UrbanTurf is re-running its primer on property taxes which outlines a few things that... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
The H Street Corridor once epitomized DC's development boom, but construction activit... read »
The upzoning would mandate additional Inclusionary Zoning units for developments alon... read »
The Shaw pipeline is starting the year off hot.... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro