The Standard & Poor's/Case-Shiller Home Price Index -- reporting data through July 2012 -- was released September 25.
- Washington Metro Area home prices increased 3.7% over July 2011.
- Nationwide home prices are 1.2% above July 2011 -- down 30% from their 2006 peak.
More Local perspective: the Real Estate Business Intelligence report on the DC Metro Area -- with data through August 2012 -- was released September 10. RBI methodology shows DC Metro home prices increased 8.1% over August 2011, sales rose 6.4%.
Standard & Poor's Research Methodology
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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202-288-4334 | Ben@EversCo.com