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Washington-area home prices down 2.5% from last year

The median home price for homes sold in the Washington, D.C., area, a vast Census territory that stretches from the Chesapeake Bay to West Virginia, fell 2.5 percent during the July-September quarter compared to a year ago, the National Association of Realtors reported Tuesday. Nationally, the price decline was 11.2 percent. Also, the Realtors reported that 30 percent of all sales nationally were of distressed properties, including foreclosures and short-sales.

The Washington-area's median price was $324,700 in the third quarter. That was up 1.72 percent over the April-June quarter, which tends to be one of the strongest sales periods of the year. The statistics are not seasonally adjusted to smooth out the differences between strong sales periods and traditionally weaker ones.

The price decline was greater for Washington-area condos. At a median of $244,300, prices were down 7.1 percent in the third quarter compared to a year ago, or 0.2 percent compared to the second quarter of this year.


By Elizabeth Razzi  |  November 10, 2009; 12:45 PM ET
Categories:  Statistics , The economy , The market  
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Comments

PLEASE!!! That's not much of slide, considering how over-priced things are here or how golden most sellers & agents think their turds are. Sounds more like the "BOO-HOO! I'm not making ridiculous amounts of commission!" cries of bloated local real estate agents to me.

Posted by: jsabol | November 10, 2009 1:27 PM | Report abuse

The median price does not tell you very much, other than the median price, especially when the article doesn't even discus sales volume. The value of all homes could have gone up or down by 10% or more and the median sales price could be unchanged.

While the median price fell 2.5% in the metro area it is still 24.7% below the 2006 level. While in Virginia Beach the median price was down 5.7% this quarter the the median price is unchanged from 2006.

Lies, damned lies, and statistics.

Posted by: crete | November 10, 2009 2:00 PM | Report abuse

Unemployed??

The Obama odds are 6 to 1
against YOU EVER finding a job

Because under Depression Obama there are 6 Americans looking for a JOB for every 1 Job Opening........

and yet Obama continues to ATTACK business and DESTROY jobs.

Obama Socialism--its why YOU can't get a job

Posted by: ProCounsel | November 10, 2009 2:04 PM | Report abuse

There is mixed data on this. Homebuyers are avoiding foreclosures because they're destroyed. Two houses, exactly the same floorplan, one has been on the market for $299,999 for 6 months. Another sold for $347,995 in 3 days. Because it was in good shape. Foreclosures are still killing us, but if you're a legitimate owner with a well-maintained house, it's not as bad from what I see.

Posted by: mwcob | November 10, 2009 3:13 PM | Report abuse

Still costs too much around here.

Posted by: 123cartoon | November 10, 2009 3:44 PM | Report abuse

You have to remember, these prices have been somewhat buoyed by government programs and tax credits.

They'll likely continue to move downward, albeit slowly.

Between the devaluation of the dollar and inflation, even if the prices stay the same they're losing value.

Posted by: postfan1 | November 10, 2009 4:05 PM | Report abuse

Too much time on your hands???

The Obama odds are 6 to 1
against YOU EVER having a coherent thought

Because under Depression Obama there are 6 Americans complaining for every 1 unemployed person........

and yet the attack on Obama continue.

Obama Socialism--its why nobody gets you.

Posted by: writinron | November 10, 2009 4:10 PM | Report abuse

"Too much time on your hands??? "
Posted by: writinron
-------------------------------------------
It's better than what ProCounsel usually has in his hands.

Posted by: sasquatchbigfoot | November 10, 2009 4:26 PM | Report abuse

In 2007 this index was $430,000 for the same DC area. What's a $100k among friends?

When do we get to the good news?

Posted by: Fredneck2 | November 10, 2009 6:09 PM | Report abuse

Next year,I expect to buy. But I sold in 2004.

it is called timing.

Posted by: gary4books | November 10, 2009 6:30 PM | Report abuse

hey gary, looks like your timing is off about 2 years cuz home prices only went down to their 2004 level at their lowest.

Posted by: dealer1 | November 10, 2009 7:56 PM | Report abuse

Is Obama socialism why YOU don't know the grammar or capitalization?

BB

Posted by: FairlingtonBlade | November 10, 2009 8:38 PM | Report abuse

The comments to this entry are closed.

 
 
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