Monday, March 21, 2011

DC Metro Area Housing Market Has Mixed Results

Sales of existing homes in the DC metro area are up compared to last year (5.8%), however home prices are slightly down.  The median price of an existing home sale in the Washington area was down to $287,500 (a -1.1% change compared to last year).

Even with the economy improving, housing prices are still not rising as fast as some hope, although they are higher than during the lowest point of the housing slump (July 2010).

Still people are having problems purchasing homes due to tight credit restrictions, and cancellations from appraisals not supporting prices negotiated between buyers and sellers. 

The good news is the market is definitely improving, but it is at an erratic rate with ups and downs.  With raising interest rates, it is important not to wait too long to act.

Source: Washington Business Journal

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