Home Prices Rise in the DC Area

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Home prices in the Washington area rose 7 percent in the 12 months ending in March, slightly lagging a nationwide increase of 10.5 percent, according to CoreLogic Inc.’s Home Price Index.

The 10.5 percent annual increase is the best gain in seven years, though four states posted price declines: Delaware, Alabama, Illinois and West Virginia.

Home prices nationwide increased in March by 1.9 percent. Prices fell by 0.1 percent in the District, rose by 0.3 percent in Maryland and increased by 1.1 percent in Virginia.

Current Maryland home prices are 29 percent shy of the peak reached in July 2006. Virginia home values are lower by 18 percent. District home prices slid off an all-time high reached in February.

Nevada posted an annual gain of more than 22 percent, but homes there are still worth about half of their peak prices in March 2006.

Source: CoreLogic, Washington Business Journal

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