DC Area Home Prices Increase Notably Over Last 12 Months

• May 20th 2010

by Mark Wellborn

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Real estate research firm CoreLogic released data yesterday showing that home prices in the DC Metro area increased more than any other metropolitan area in the country over the last 12 months.

Specifically, prices in Virginia climbed by 7.3 percent during the last year and by 2.7 percent in DC proper. Prices in Maryland actually dropped by 6 percent.

Nationally, home prices, including distressed sales, increased by 1.7 percent in March 2010 when compared to March 2009. While the increases are good news for the increasing stability of the housing market, buyers will be happy to know that the price increases will likely slow in the coming months.

From a CoreLogic press release:

“March’s year-over-year increase in the HPI shows that the housing market is continuing to exhibit signs of stability,” said Mark Fleming, chief economist for CoreLogic. “The differences between trends, including and excluding distressed sales, indicate the strong influence of distressed activity remains, but the surge in home sales in March is giving the market a boost this spring. As the influence of the tail end of the tax credit and spring buying season fade, price growth will fade with it as we go into summer.”

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/dc_area_home_prices_increase_notably_over_last_12_months/2093.