Report shows DC housing market strength
A new report suggests the District's housing market, unlike most around the country, is back to full speed, according to The Washington Post. The trend of increasing property values might make this the perfect time for people considering buying one of the homes for sale in Washington, DC, to act.
The report by research company Delta Associates, shows that home sale volume through the second quarter of 2012 climbed nearly 10 percent above their levels from 2011, according to the news source. Likewise, prices jumped over 5 percent.
"The news is pretty remarkable. The market is in full recovery, with prices up like they were in the early 2000s," Delta's chief executive told the news outlet. "It makes us very different from the rest of the country."
Nearly every indicator signifies a rapid return to pre-recession levels. In addition to rising prices and increased sales, the amount of time the average home spent on the market dropped to 59 in the second quarter of 2012, according to the report, which is well below the long-term average of 78.
The increasing attractiveness of DC's property to homebuyers and investors has also led to a significant decrease in the number of foreclosures within the metro area.