Prices in D.C. more stable than most cities
February 24, 2011 - Those moving to Washington, D.C., in recent months have been enjoying the benefits of one of the country's strongest real estate markets. That fact became more apparent with the release of the latest Standard & Poor's report.
The S&P/Case-Shiller home price index showed national property values fell in each of the 20 metropolitan statistical areas on a monthly basis, except for Washington, D.C. Home prices in the nation's capital climbed only 0.3 percent from November to December but also enjoyed a 4.1 percent increase year-over-year. San Diego was the only other city on the index to report an annual increase, with local prices rising 1.7 percent from December 2009.
Nationally, home prices declined 3.9 percent from the previous quarter and 4.1 percent from a year earlier.
"Unlike the 2006 to 2009 period when all cities saw prices move together, we see some differing stories around the country," explained David Blitzer, chairman of the S&P's index committee. "California is doing better with gains from their low points in Los Angeles, San Diego and San Francisco. At the other end is the Sun Belt - Las Vegas, Miami, Phoenix and Tampa. All four made new lows in December."
Homes for sale in Washington, D.C. have been particularly popular over the past year, as the city has shown some measure of stability. RealEstate Business Intelligence reported pending home sales in the D.C. area climbed 10.6 percent in January from a year earlier, showing more relocating consumers were signing real estate contracts in the region.
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