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Area housing price gains still outpace national average

Washington Business Journal - 12:48 PM EDT Thursday, August 30, 2007

by Jeff Clabaugh

Staff Reporter

A government report Thursday says housing price appreciation has slowed to the slowest pace in a decade, but price gains in the Washington area continue to outpace the national average.

The Office of Federal Housing Enterprise Oversight (OFHEO) says average prices of a single-family home last quarter were up 3.2 percent from year-ago prices. Maryland, D.C. and Virginia, all consistently in the top 10 for housing prices gains for years, have slipped further down the list in recent quarters.

In the second quarter, single family home prices in Virginia were up 3.7 percent from year ago levels, ranking 32nd in the nation for price gains. Maryland ranked 21 last quarter, with year-over-year price gains of 4.72 percent. The District ranks 24 with prices up 4.62 percent.

All three jurisdictions had quarterly price gains of less than 1 percent.

The Washington area ranked 201 out of cities for price gains, up 1.16 percent from a year ago. The OFHEO say Washington metro housing prices fell an average of 0.23 percent from the previous quarter.

Home prices in Utah surged 15.1 percent from year ago levels, ranking it top on the list of pricing changes. Nevada was at the bottom of the list, with a price decline of 1.45 percent over year ago levels.