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Are DC Sales Up or Down?
Sunday, March 16, 2008
1:46:00 PM EDT
Close to Home: One Study Finds DC Sales Up, Index Says Down
"... , home prices in D.C. fell 9.4% in December according to the Standard & Poor’s S&P/Case Shiller Home Price Indices report, which tracks sales of the same homes over time and is generally considered to be the best measure. But John McClain, senior fellow and deputy director for the Center for Regional Analysis, said the multiple listing service data is sometimes more accurate in a down market."
One commenter calls out this home inventory link, which shows prices down less than 2 percent in the last month, but with inventories rising almost 10 percent. Certainly one expects inventories to rise some what on a seasonal basis as the D.C. market enters the peak spring selling season, and a 2 percent price dip isn't too bad, but what seems clear from the report is that prices are way down in some areas like Prince William County and Loudon, and flat or only down slightly in other areas. ("In Prince William County, home prices dropped 25% in February compared to a year earlier. And prices fell 12.3% during the same period in Loudoun County.")
In a word, the market is certainly frothy, which is probably better than stagnant.
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1:46:00 PM EDT
Are DC Sales Up or Down?
"... , home prices in D.C. fell 9.4% in December according to the Standard & Poor’s S&P/Case Shiller Home Price Indices report, which tracks sales of the same homes over time and is generally considered to be the best measure. But John McClain, senior fellow and deputy director for the Center for Regional Analysis, said the multiple listing service data is sometimes more accurate in a down market."
One commenter calls out this home inventory link, which shows prices down less than 2 percent in the last month, but with inventories rising almost 10 percent. Certainly one expects inventories to rise some what on a seasonal basis as the D.C. market enters the peak spring selling season, and a 2 percent price dip isn't too bad, but what seems clear from the report is that prices are way down in some areas like Prince William County and Loudon, and flat or only down slightly in other areas. ("In Prince William County, home prices dropped 25% in February compared to a year earlier. And prices fell 12.3% during the same period in Loudoun County.")
In a word, the market is certainly frothy, which is probably better than stagnant.
Written by unstructuredblog Blog about this entry |
Add to del.icio.us | digg this
