DC Housing Prices Still Rising

According to the Office of Federal Housing Enterprise Oversight's quarterly report on national home price index, released June 1, housing prices in the District of Columbia have risen almost 21 percent in the last year, making DC the fifth fastest-growing market for housing appreciation. Maryland and Virginia are not far behind, with Maryland having a 20.47 percent increase and Virginia an 18.12 percent increase over the same period. Overall, home prices have more than doubled in DC and Maryland in the last five years. However, this growth may be slowing a bit. OFHEO Acting Director James Lockhart told the Washington Business Journal that while "[t]hese data show average housing prices still growing stronger than some may have expected, they do indicate, however, that price growth is moderating in some parts of the country, particularly in areas where prices have been rising the most." In fact, the District’s price gains have slowed somewhat, from a fourth-quarter increase of 6.2 percent to 1.5 percent in the first quarter of this year. Read the OFHEO Report at http://www.ofheo.gov/media/pdf/1q06hpi.pdf