Washington DC Metro Area Appreciation Does it Again! This just in from Redfin.
Buyers have come back from the holidays with more urgency than we've seen since last April's tax credit, but often complain there's nothing good to buy. Lots of bidding wars in California and DC, fewer elsewhere.
Putting all that together, we think the market's strengthening. We expect January and February prices to fall, then increases in March and April. We're not making any long-term predictions because interest rates have finally started rising, with some economists expecting 2011 rates to increase from 5% to 6%.
| Area | MoM Change | YoY Change | Date of Max | Change from Max | Prices Last at This Level in... |
# of Months of Decrease |
| Phoenix | -1.7% | -8.3% | Jun-06 | -54.7% | May-00 | 7 |
| LA | -1.3% | -0.2% | Sep-06 | -37.6% | Oct-03 | 5 |
| San Diego | -0.7% | 1.7% | Nov-05 | -36.5% | Mar-03 | 1 |
| Bay Area | -1.0% | -0.4% | May-06 | -37.8% | Apr-02 | 5 |
| Denver | -0.7% | -2.4% | Aug-06 | -11.5% | May-02 | 6 |
| DC Area | 0.3% | 4.1% | May-06 | -25.8% | May-04 | 0 |
| Atlanta | -0.9% | -8.0% | Jul-07 | -26.8% | Dec-99 | 5 |
| Chicago | -1.4% | -7.4% | Sep-06 | -30.1% | Mar-02 | 4 |
| Boston | -0.1% | -0.8% | Sep-05 | -16.4% | May-03 | 5 |
| Las Vegas | -1.1% | -4.7% | Aug-06 | -57.6% | Oct-99 | 3 |
| New York | -0.9% | -2.3% | Jun-06 | -22.2% | Mar-04 | 4 |
| Portland | -1.2% | -7.8% | Jul-07 | -25.9% | Feb-05 | 6 |
| Dallas | -0.2% | -3.6% | Jun-07 | -9.4% | May-03 | 6 |
| Seattle | -2.0% | -6.0% | Jul-07 | -27.9% | Dec-04 | 5 |
| 20 City Index | -1.0% | -2.4% | Jul-06 | -31.0% | Jun-03 | 5 |
Rates have been bouncing back and forth over the last few weeks, and it's almost certain they will be trending upward as our economy strengthens. Every uptick in interest rate compromises purchasing power for every buyer to some extent.
Contact me today to see how competitive of a rate we can get for you, so you can "get in on the ground floor" BEFORE prices and interest rates start to increase! DON'T WAIT UNTIL IT'S TOO LATE!!
Comments(1)