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Case-Shiller: News is Good (For Now)

by Mark Wellborn

The latest data from the Case-Shiller Home Price Index included hopeful data about both the national and local DC housing markets. The two key takeaways are:

  • Home prices showed the smallest annual decline in almost three years in January. Although prices were flat in many of the metropolitan areas covered by the Case-Shiller Index, prices overall marked the lowest annual decline since January 2007.
  • Home prices rose in the DC area. To buyers this is not seen as good news, but for the market in general it bodes well. Compared to December, median prices in the area rose 0.2 percent, the ninth price increase in the metro area in the last 10 months.

Don’t go breaking out the champagne just yet, though. Experts are predicting that prices and home-buying activity will likely drop off notably in the second half of the year after the tax credit expires.

Below is the latest chart for the markets measured by Case-Shiller:

image

See other articles related to: dc home prices, dc area market trends, case-shiller

This article originally published at https://dc.urbanturf.com/articles/blog/case_shiller_news_is_good_for_now/1928

10 Comments

  1. jag said at 12:01 pm on Tuesday March 30, 2010:

    It’ll be interesting to see how sellers handle the second half of the year…I expect that properties will sit for longer, with most sellers refusing to believe the fact that the housing market’s still 12+ months away from the bottom.

  1. Greg said at 1:02 pm on Tuesday March 30, 2010:

    I noticed the article taking note of second quarter home sales dropping off as a result of the homebuyer’s credit expiring. What do you, as the reader’s of this think? To me I think the $8K is a HUGE incentive to buy although I am not going to shut down my home search on May 1st because I am not getting $8K. I personally think homeowners and developers are going to just pick up the expense on their end and offer an $8k incentive to make their property more enticing. What are your thoughts?

  1. Travis said at 1:58 pm on Tuesday March 30, 2010:

    What are folk’s thought on the projections for a significant decrease (-10.7%) in values:

    http://money.cnn.com/magazines/moneymag/moneymag_realestate/2010/index.html

    Furthermore, DC has a non expiring credit of $5K, relators need to focus on this.

  1. Janson said at 2:04 pm on Tuesday March 30, 2010:

    The data is only intermittently posted on the S&P site (it’s not there now), but when it returns, I’ll post the DC tiered price index - the most informative local data series from the Case-Shiller Index.

  1. Janson said at 2:09 pm on Tuesday March 30, 2010:

    @Travis
    Take a look at their “forecast” for 2009: -9.7% for DC and compare that to the actual number (approximately flat, maybe slightly positive). That should give you some pause in relying on this year’s forecast. Kudos to them for leaving up last year’s embarrassingly inaccurate forecasts.

  1. Richko said at 4:05 pm on Tuesday March 30, 2010:

    >Furthermore, DC has a non expiring credit of $5K, relators need to focus on this.

    Really? My “relator” assures me this credit is dead, expired on Dec. 31, 2009. Do you have info to the contrary? Details, please.

  1. Janson said at 4:28 pm on Tuesday March 30, 2010:

    From Case-Shiller March 30, 2010 year over year (January to January) percent change in index level by tier and overall:

    (Under $287560)
    6.56%
    ($287560 - $439187)
    4.67%
    (Over $439187)
    0.80%
    (Overall Market)
    3.39%

  1. Janson said at 4:32 pm on Tuesday March 30, 2010:

    The above is for the Washington, DC MSA only.

    Also, price indices in every tier are about equal in January to what they were in November 2008.

  1. Travis said at 9:17 pm on Tuesday March 30, 2010:

    >Richko

    Your realtor is probably trying to get you to make a snap decision…

    http://otr.cfo.dc.gov/otr/cwp/view,a,1330,q,594156.asp

  1. Janson said at 11:02 am on Wednesday March 31, 2010:

    To get the credit, I found that my modified adjusted gross income (which is higher than your AGI because it doesn’t include many deductions) had to be under $70,000. Make very sure you qualify before you bank on this credit.

Comments are closed.

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