Home Prices Up Nationwide – D.C. Continues to Lead the Way

September 25, 2012 3:03 pmBy: 

photoNationwide home prices posted their first six-month winning streak in three years, according to the S&P/Case-Shiller indexes. The Greater Washington, D.C., area continued to lead the nation at 192.1, up 1.5% from the previous month.

The composite 20-city home price index was up 1.6% in July from the previous month and increased 1.2% from a year earlier. Sixteen of the 20 cities posted annual increases in July. Atlanta, Chicago, Las Vegas and New York notched annual declines. Every city posted a monthly increase compared to June.

While price gains were not as steep in the Washington area, the 192.1 index towers over other metro areas. Los Angeles is second at 170.8.

“Home prices increased again in July,” says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. “All 20 cities and both Composites were up on the month for the third time in a row. Even better, 16 of the 20 cities and both Composites rose over the last year. Atlanta remains the weakest city but managed to cut the annual loss to just under 10%.

“The news on home prices in this report confirm recent good news about housing. Single family housing starts are well ahead of last year’s pace, existing home sales are up, the inventory of homes for sale is down and foreclosure activity is slowing. All in all, we are more optimistic about housing. Upbeat trends continue. For the third time in a row, all 20 cities and both Composites had monthly gains. Stronger housing numbers are a positive factor for other measures including consumer confidence.”

“While the index, and prices more generally, remain well below pre crisis levels, the improvement in the last few months has been noticeable and perhaps more importantly, more rapid than previous episodes of fleeting improvement,” said economists at BTIG Economics. They cautioned, however, that some of the recent gains were the result of fewer short and foreclosure sales, helping to boost aggregate pricing data.

Check our Real Estate section for local homes for sale and rent.

 

Comments

More Top Stories

  • Business Real Estate Top Stories Northern Virginia homes selling quickly, Long & Foster reports

    Northern Virginia homes selling quickly, Long & Foster reports

    The Northern Virginia real estate market experienced some positive trends in July. According to The Long & Foster Market Minute reports, median sale prices increased in many parts of the region, and homes are continuing to sell at a quick pace. The Northern Virginia market includes the city of Alexandria, and Arlington, Fairfax, Loudoun and Prince William counties. The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just […]

    Read more →
  • Politics Top Stories Virginia asks Supreme Court for expedited review of gay marriage case

    Virginia asks Supreme Court for expedited review of gay marriage case

    As requested by Chief Justice John Roberts, the Commonwealth of Virginia has filed its response to a motion by the Clerk of Prince William County to stay the 4th Circuit’s ruling regarding marriage equality — meaning that gay marriage would not be permitted in Virginia pending the Supreme Court’s ruling. In its brief, the Commonwealth of Virginia agrees that a stay is warranted because of unintended negative consequences if the Court later rules against marriage equality, and asks the Court […]

    Read more →
  • Military Top Stories NORAD exercises in D.C. area Tuesday night

    NORAD exercises in D.C. area Tuesday night

    The North American Aerospace Defense Command and its geographical component, the Continental United States NORAD Region (CONR), will conduct exercise Falcon Virgo 14-11 Tuesday night into Wednesday morning, in the National Capital Region, Washington, D.C. Flights are scheduled to take place between midnight and 2 a.m. (EDT). The exercise is comprised of a series of training flights held in coordination with the Federal Aviation Administration, the National Capital Region (NCR) Coordination Center, the Joint Air Defense Operations Center (JADOC), Civil […]

    Read more →
  • Entertainment & Events Top Stories University Mall Theatres launches “Save Our Butts” campaign

    University Mall Theatres launches “Save Our Butts” campaign

    The venerable Fairfax institution known as University Mall Theatres has had a hard year. First it had to raise big bucks to install new digital projectors. Then the owners of the mall, across Braddock Rd. from the George Mason University campus, decided to upgrade the mall, resulting in months of construction around the theatres’ entrance, putting a big dent in business. Venerable is sometimes a synonym for scruffy but in the theaters’ case, comfy might be a better word. The […]

    Read more →
  • Employment Politics Top Stories McAuliffe unveils new workforce development initiative

    McAuliffe unveils new workforce development initiative

    Governor Terry McAuliffe has signed executive order 23 establishing “The New Virginia Economy” Workforce Initiative, which will be led by Secretary of Commerce and Trade Maurice Jones. This initiative seeks to overhaul our economy in four ways: increasing postsecondary education and workforce credentials, securing employment for veterans, aligning education with the needs of businesses, and diversifying the economy. “By better aligning workforce supply to employer demands, we can implement common-sense solutions that will help ensure Virginia’s workers can get the […]

    Read more →
  • Education Top Stories Transportation Is there enough parking at new Silver Line stations?

    Is there enough parking at new Silver Line stations?

    By Buzz McClain George Mason University Thousands of commuters may wonder if there’s enough parking at the new Wiehle-Reston East stop on Metro’s Silver Line, but few, says Jeong Yun Kweun, will think about the public-private partnership that made it possible. Kweun, a PhD student at George Mason University’s School of Policy, Government, and International Affairs, is working on a study that may have impact on parking at all the stops, including those not yet built. Kweun’s work will help […]

    Read more →
  • Education Top Stories Fairfax students face changes when schools open Sept. 2

    Fairfax students face changes when schools open Sept. 2

    An estimated 186,785 students will begin the 2014-15 school year on Tuesday, September 2, in Fairfax County Public Schools (FCPS), the nation’s 10th largest school system. When the first bell rings, a number of changes will be in effect that will impact students and parents. They include: New elementary school To alleviate overcrowding at Bailey’s Elementary School for the Arts and Sciences, a new elementary school, Bailey’s Upper Elementary School for the Arts and Sciences, will open at 6245 Leesburg […]

    Read more →
  • Real Estate Top Stories Loudoun, Fairfax take first, third spots in “best county” ratings

    Loudoun, Fairfax take first, third spots in “best county” ratings

    You may not have noticed but lists are all the rage on the Internet these days. They go by several fancier names — including “data journalism,” meaning there’s not really a story there, just a bunch of statistics slapped together in an attractive package. They’re sort of Lite News — the grown-up version of celebrity gossip. One of the latest is Movoto’s list of the “10 Best Counties in America,” with Loudoun County in first place and Fairfax County in […]

    Read more →

Our weather forecast is from WP Wunderground