S&P Dow Jones Indices released its S&P/Case-Shiller Home Price Indices Report this morning with good news – national average home prices have increased for the third consecutive month, returning to their 2003 levels.
Locally, the Washington DC region showed a 3.7 percent over the past 12 months. The region’s seasonally adjusted change from June to July reflected 0.5 percent, and a 0.4 percent increase from May to June. The non-seasonally adjusted figures expressed a 1.5 percent increase from June to July, and a 1.8 percent increase from May to June.
While this data only tells part of the economic story, it does help substantiate claims from various real estate analysts that the housing market has bottomed and is currently ascending into recovery.
“The news on home prices in this report confirms recent good news about housing. Single family housing starts are well ahead of last year’s pace, existing home sales are up, the inventory of homes for sale is down and foreclosure activity is slowing. All in all, we are more optimistic about housing. Upbeat trends continue. For the third time in a row, all 20 cities and both Composites had monthly gains. Stronger housing numbers are a positive factor for other measures including consumer confidence.” – Case-Shiller Home Price Indices Report
If would like to discuss the value of your Silver Spring, MD home, contact Emcee Arah for a free consultation. Arah is an experienced real estate agent with a full-time team of professionals who have a proven track record of success, and his custom 25-point marketing plan is instrumental in providing exceptional results for his clients.
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