Tuesday, October 30, 2012

S&P/Case-Shiller: DC Area Home Prices Rise 4.3% Over August 2011

The Standard & Poor/Case-Shiller Home Price Index -- reporting data through August 2012 -- was released October 30

With an index level of 194.00, Washington DC is the city showing the biggest increase in average home prices since January 2000.

  • Washington Metro Area home prices increased 4.3% over August 2011.
  • Nationwide home prices for the composite 20 cities increased 2.0% from August 2011.

Local perspective: the Real Estate Business Intelligence report on the DC Metro Area -- with data through September 2012 -- was released October 10. RBI methodology shows DC Metro home prices increased 6.5% over September 2011, sales rose 4.7%.

*     *     *

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

* * *

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.

  Ben Dursch  
202-288-4334 | Ben@EversCo.com

No comments:

Post a Comment