Case-Shiller: Home Prices Drop Nationally, But Increase in DC

• November 29th 2011

by UrbanTurf Staff

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The latest Case-Shiller report released this morning showed that home prices fell 0.6 percent nationally between August and September 2011, and dropped by about 3.9 percent since September of last year. However, the index reported that home prices in the DC area increased on both a monthly (+1.2%) and annual (+1.0%) basis.

Between August 2011 and September 2011, area prices increased in each price tier in DC 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). The increase in price was most notable in the low-tier price range.

From David M. Blitzer, Chairman of the Index Committee at S&P Indices:

“Detroit and Washington DC posted positive annual rates of change and also saw an improvement in these rates compared to August. Only New York, Portland and Washington DC posted positive monthly returns versus August.”

If you have been getting the feeling from these Case-Shiller reports that home prices in DC have been going in the opposite direction versus the rest of the country for the past year, you’d be right. In eight of the last nine months, DC prices have shown year-over-year increases based on the index.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/case-shiller_home_prices_drop_nationally_but_increase_in_dc/4664.