Case Shiller: DC Area Home Prices Rise 3.6%
Continuing the trend of outpacing the rest of the country, the DC area posted a 3.6 percent year-over-year increase in home prices between January 2010 and January 2011, according to the latest Case-Shiller report released this morning. Nationally, home prices in the 20-city index decreased 3.1 percent during that period. Economists predicted that prices would fall 3.3 percent in January, after a 2.4 percent drop in December.
Case Shiller January 2011
The DC area market was one of only two metropolitan markets (the other being San Diego) that showed a year-over-year increase.
From the report:
Only San Diego and Washington D.C. posted positive annual growth rates in January 2011. These are the only two cities whose annual rates remained positive throughout 2010.
Prices increased ever so slightly (0.1 percent) in the DC area between December 2010 and January 2011. That increase is small, but it represented an increase in each home price tier measured by Case Shiller: lower (under $293,756), middle (between $293,756 and $457,827) and high (above $457,827).
Washington DC appears to be the only market that has weathered the recent storm. While it was up only 0.1% for the month of January, it’s annual rate was a relatively healthy +3.6%, it is still +10.7% above its March 2009 low, and ranks number one among the 20 markets as its average value is almost 85% above its January 2000 level.
Positive news for the DC area notwithstanding, this morning’s report offered a bleak assessment of the overall national market, noting that evidence of a double-dip housing recession is mounting:
The housing market recession is not yet over, and none of the statistics are indicating any form of sustained recovery. At most, we have seen all statistics bounce along their troughs; at worst, the feared double-dip recession may be materializing.
See other articles related to: case-shiller, dc area market trends, dc home prices, dclofts
This article originally published at https://dc.urbanturf.com/articles/blog/case_shiller_dc_home_prices_rise_3_6/3238.
Most Popular... This Week • Last 30 Days • Ever
Roadside Development filed a sketch plan with Montgomery County this month for the 30... read »
The Matthew is located on 9th Street, overlooking the iconic Naylor Court and neighbo... read »
Construction continues humming along on several developments on the uppermost stretch... read »
This week's Best New Listings include an award-winning craftsman, a condo in a former... read »
Today, we take a closer look at home insurance.... read »
- A First Look At The 525-Unit Development That Will Incorporate Silver Spring's Tastee Diner
- Nine Stylish Condominiums Debut in Shaw's Iconic Naylor Court
- The 1,600 Units In The Walter Reed/Takoma Development Pipeline
- Best New Listings: A Home On The Hill With a Pool?
- A Look at What is Covered By Home Insurance
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. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro