Case Shiller: DC Home Prices Increase 2.7 Percent

• April 26th 2011

by UrbanTurf Staff

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The DC area posted a 2.7 percent year-over-year increase in home prices between February 2010 and February 2011, according to the latest Case-Shiller report released this morning. Nationally, home prices in the 20-city index decreased 3.3 percent during that period. The DC area market was the only metropolitan market that showed a year-over-year increase.

From the report:

San Diego, which had posted 15 consecutive months of positive annual rates ended its run with a -1.8% annual rate of change in February 2011. Washington, DC has assumed that status, with 15 consecutive months of positive annual growth rates beginning in December 2009 through February 2011. Atlanta, Cleveland, Dallas, Detroit, Phoenix, Portland (OR) and Washington D.C. saw improvements in their annual rates of return in February versus January

Between January 2011 and February 2011, however, home prices decreased slightly in DC led by a slight drop in the middle tier (homes between $293,756 and $457,827) price bracket; the high tier (above $457,827) and the low tier (under $293,756) brackets both showed month-over-month increases. The report also noted that home prices in the DC area are 80 percent higher than January 2000.

Positive news for the DC area notwithstanding, this morning’s report offered a bleak assessment of the overall national market:

“There is very little, if any, good news about housing. Prices continue to weaken, trends in sales and construction are disappointing.” says David M. Blitzer, Chairman of the Index Committee at S&P Indices. “Ten of the 11 MSAs that recorded index lows in January fell further in February.”

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/case_shiller_dc_home_prices_increase_2_7_percent/3387.