Report: D.C.-area home prices up ahead of national pace in May

Washington Business Journal - by Tucker Echols Staff Reporter
D.C.-area home prices rose 1.31 percent in May from April, nearly three times the national advance of 0.45 percent as measured by the S&P/Case-Shiller survey of 20 major U.S. cities.

The national gain was the first in three years. Washington is now among the majority of cities with month-over-month gains. Only six -- Tampa, Los Angeles, Seattle, Miami, Phoenix and Las Vegas -- reported declines.

The D.C. area's home price strength is also visible in longer term comparisons. In the last three months prices in the Washington area rose 3.5 percent, compared to a national decline 0f 8.8 percent. Washington had the third best gain of the four cities that recorded price gains in the last three months, behind only Cleveland, up 19 percent, and Dallas, up 15.7 percent. Charlotte prices advanced 2.9 percent in the last three months and Boston prices were unchanged.

Compared to May 2008, D.C.-area home prices declined 14.9 percent compared to a national drop of 17.1 percent. No city posted a year-over-year gain, but Dallas had the smallest price decrease of 4.1 percent while Phoenix suffered the largest drop in prices of 34.1 percent.

The S&P/Case-Shiller survey of 20 major U.S. cities uses the “repeat sales pricing technique” to measure housing markets. This methodology collects data on individual single-family home re-sales and uses the re-sold sale prices to calculate price declines or gains.