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DC Area Has Highest Housing Price Increase in U.S.

by Mark Wellborn

DC Area Has Highest Housing Price Increase in U.S.: Figure 1

After reports this week that new home sales fell off a cliff in the country, it is nice to get some good news for at least the DC area housing market.

A recently released report from the Federal Housing Finance Agency stated that housing prices in the DC area had the biggest increase in the nation over the past year. Average prices increased 10.5 percent between the fourth quarter of 2008 and the fourth quarter of 2009. Not too shabby, particularly when compared to the rest of the country, where prices fell 1.2 percent.

Here are a few other interesting highlights from the report:

  • Over the last year, Virginia had the second best rate of appreciation nationally, following only Oklahoma. DC ranked 21st and Maryland 42nd.
  • Year-to-year declines were the worst in the Miami area where prices dropped 12.9 percent between the fourth quarters of 2008 and 2009.
  • Of the nine divisions covered by the report, the Mountain and Pacific divisions experienced the most significant price movements in the latest quarter; prices fell 1.3 percent in the Mountain Division and increased 1.5 percent in the Pacific division.

See other articles related to: national trends, dclofts, dc area market trends

This article originally published at https://dc.urbanturf.com/articles/blog/dc_area_has_highest_housing_price_increas_in_u.s/1818

8 Comments

  1. Jordan Peterson said at 9:12 pm on Thursday February 25, 2010:
    So I take it that Virginia and Maryland pulled the DC areas home prices up since DC was ranked 21st???
  1. benji said at 9:25 pm on Thursday February 25, 2010:
    @ Jordan Peterson -- Home "prices" and home "appreciation" are two different things, so the rankings for home appreciation should not be used as a barometer of how the ranking was calculated.
  1. HomeEconomics said at 10:34 pm on Thursday February 25, 2010:
    It would be good news if wages and employment experienced similar growth patterns, but alas they did not so why are we celebrating asset reflation? Existing homeowners and mortgage bankers can celebrate, but that's about it.
  1. Lauren said at 12:29 am on Friday February 26, 2010:
    @ Jordan, I think that's right that that "DC Area" positive number is mostly due to Virginia. The District & MD are still down YoY.
  1. Jordan Peterson said at 12:39 am on Friday February 26, 2010:
    Benji, can you delve a little more into how a home price increase is different than home appreciation? Thanks in advance.
  1. benji said at 4:16 am on Friday February 26, 2010:
    My take on this report was that it referred to the increase in home prices, so those listed on the market. That is different from home appreciation that refers to the assessed valuation of homes.
  1. jag said at 5:13 am on Friday February 26, 2010:
    +1 to what HomeEconomics said - not too sure this is automatically "good news." Price stabilization/increase in consumer confidence sounds good right about now. A double digit increase in prices? Not so much.
  1. Peter said at 2:52 pm on Friday February 26, 2010:
    This is good news. When home prices go up, it is a sign that the market where they go up is stabilizing.

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