The latest Case-Shiller report released this morning showed that seasonally-adjusted home prices fell 1.1 percent nationally between November and December 2011, and have dropped by about 4.0 percent since December 2010. The index reported that home prices in the DC area decreased on a monthly basis (-1.2%) and annual basis (-1.6%).
Case-Shiller December 2011
While home prices in the DC area fell month-over-month, a closer look at the data reveals that the drop was in the middle and upper price tiers in the area. Between November 2011 and December 2011, area prices decreased in the middle tier (homes between $293,756 and $457,827) and the high tier (above $457,827), but increased slightly in the low tier (under $293,756).
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.
This article originally published at http://dc.urbanturf.com/articles/blog/case-shiller_home_prices_fall/5211
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