Case-Shiller: DC Area Home Prices Rise 4 Percent

by Mark Wellborn

While the latest Case-Shiller report released this morning showed that home prices fell 4 percent nationally between April 2010 and April 2011, the index reported that home prices in the DC area increased on both a monthly (+3%) and annual (+4%) basis.

Case Shiller April 2011

Between March 2011 and April 2011, area prices increased in each price tier measured by the index: the low tier (under $293,756), the middle tier (homes between $293,756 and $457,827) and the high tier (above $457,827).

Take the Case Shiller for what it is, though.

As housing market guru Jonathan Miller explained at the end of May, the index is really “a foundation for consumer sentiment on the housing market, not an accurate description of the current housing market.” This is because the index is based on closed sales and home price data from 5 to 7 months ago. Another thing that is important to note about Case-Shiller 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. This means that in places like DC, Chicago and New York City (where condos/co-ops are prevalent), the index does not offer the most accurate picture of housing prices.

A more current picture of the local market came earlier this month, when RealEstate Business Intelligence (RBI), the research arm of Metropolitan Regional Information Systems (MRIS) reported that 5,506 home purchase contracts were signed in the DC area in May, the highest total for this month since 2005. The RBI analysis also reported that the median sales price for May ($353,606) was 5.9 percent higher than April ($334,000) and 3.5 percent higher than the same month last year.

See other articles related to: home prices, dclofts

This article originally published at https://dc.urbanturf.com/articles/blog/case_shiller_dc_home_prices_rise_4_percent/3728


  1. M Squared Real Estate said at 11:10 am on Tuesday June 28, 2011:

    The accolades keep pouring in for DC.  It’s been a busy spring, let’s recap…

    1. DC Top performing real estate market in the country.

    2. DC is America’s smartest city (most college graduates per capita).

    3. DC is 2nd best city for a young professional to start her/his career.

    4. DC leads nation for inbound migration.

    5. DC rated most walkable city in the country.

    6. DC rated best city to raise a family.

    Ok, so what am I forgetting here?

    M Squared Real Estate

  1. East_H said at 1:58 pm on Tuesday June 28, 2011:

    Most signs are very encouraging. That said, the Gray election was a step backward for the city. Schools and crime are still enormous issues. It’s great that DC continues to charge ahead, but until we deal with underlying socioeconomic issues that relate to real estate the DC market won’t reach its full potential.

  1. Jonathan Miller said at 3:13 pm on Tuesday June 28, 2011:

    Thanks for the link Mark - always a good read here.  Love the list by the first commenter.  He needs to add:

    -Most Green Buildings/captia
    -Most literate
    -Most female business ownership

    In the interest of balance wink
    -Highest gas prices
    -Most depressed baseball cities

    Lets focus on housing.

  1. Virginian said at 12:05 pm on Wednesday June 29, 2011:

    IIUC these are for metro areas.  The DC METRO area market is still mainly houses not condos.  And I doubt very much that District politics issues impact the CS index for METRO DC.

Comments are closed.

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