The latest Standard & Poor's/Case-Shiller Home Price Index -- reporting data through May 2012 -- was released July 31. The report shows the Washington region's housing market continues to perform above other markets nationwide.
Local statistics can be found at Real Estate Business Intelligence (RBI) which provides housing data for specific neighborhoods in Washington, DC and surrounding suburbs. RBI's latest report -- released July 10 -- is a very specific picture of the Washington, DC Metro Area housing market.
For a better understanding of how to interpret housing data from different reports take a look at my blog post How to Evaluate Housing Reports.
Washington Metropolitan Statistical Area (MSA)
DC, Maryland, Virginia, West Virginia
- S&P reports on an annual basis DC area home prices increased 2.8% from May 2011.
- On a monthly basis home prices in the Washington region rose 2.5% from April to May on a non seasonally adjusted basis.
- According to the S&P/Case-Shiller 2011 Year in Review -- released March 16th -- single-family home prices in Washington, DC increased 8.4% from market bottom in 2009 and are about 80% above their 2000 levels.
- Home prices fell annually by 1.0% for the 10-City Composite and by 0.7% for the 20-City Composite versus May 2011.
- On a monthly basis average home prices increased by 2.2% in May over April.
When reviewing the S&P/Case-Shiller data keep in mind the following critical points:
- Property Status - The S&P/Case-Shiller Home Price Indices include statistics for distressed properties (i.e. foreclosures, short sales), skewing home prices lower.
- Report Date - These numbers are for May 2012. The S&P/Case-Shiller Home Price Indices are published on a 2-4 month lag to offset delays in sales price data from county deed recorders.
- Property Type - The index reports single-family/detached home prices only; condo and co-op sales statistics are not included in the analysis for the DC area.
Washington Metropolitan Statistical Area Defined
S&P methodology defines the Washington region as a vast "Metropolitan Statistical Area" stretching aross three states from West Virginia, through the District of Columbia, and into Maryland. Housing market statistics for such a vast area bear little relevance for an individual consumer seeking clarity on local home values. Below is the area described as Washington:
- Washington, DC
- Maryland - Calvert, Charles, Frederick, Montgomery, and Prince Georges Counties
- Virginia - Alexandria City, Fairfax City, Falls Church City, Fredericksburg City, Manassas City, Manassas Park City; Arlington, Clarke, Fairfax, Fauquier, Loudoun, Prince William, Spotsylvania, Stafford, Warren Counties
- West Virginia - Jefferson County
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Contact me for more information on our local real estate market, and on buying or selling a home. I'm always available for your questions and happy to consult with you on your real estate needs.