Case-Shiller: Home Prices Up in DC, Down in Rest of Country

• May 29th 2012

by UrbanTurf Staff

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The latest Case-Shiller report released this morning showed that seasonally-adjusted home prices (prices that factor in the typically slower home selling/buying activity of winter months) increased about 1.6 percent in the DC area between February and March 2012. The index reported that national home prices increased ever so slightly on a monthly basis (0.1%) for the 20-city index, but fell year-over-year.

Between February and March, home prices in DC increased in the low tier (under $293,756), middle tier (homes between $293,756 and $457,827) and high tier (above $457,827).

David M. Blitzer, Chairman of the Index Committee at S&P Indices, on the numbers from March’s report:

“While there has been improvement in some regions, housing prices have not turned. This month’s report saw all three composites and five cities hit new lows. However, with last month’s report nine cities hit new lows. Further, about half as many cities, seven, experienced falling prices this month compared to 16 last time.”

The Case-Shiller Disclaimer

When considering the Case-Shiller findings, recall that the index is based on closed sales and home price data from several months ago. (A better indicator of where area prices stand right now is the April report from RealEstate Business Intelligence.) Another thing that is important to note 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. Chicago and New York City are two of the cities where Case-Shiller provides a separate index for condo prices, but DC does not have a similar index.

Lastly, and perhaps most importantly when considering the conclusions of the index, the area covered by Case-Shiller can only very loosely be described as the “DC area”. According to the site, the following cities are included: DC, Calvert MD, Charles MD, Frederick MD, Montgomery MD, Prince Georges MD, Alexandria City VA, Arlington VA, Clarke VA, Fairfax VA, Fairfax City VA, Falls Church City VA, Fauquier VA, Fredericksburg City VA, Loudoun VA, Manassas City VA, Manassas Park City VA, Prince William VA, Spotsylvania VA, Stafford VA, Warren VA, Jefferson WV.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/case-shiller_home_prices_up_in_dc_down_in_country/5588.