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Remember 2003: The invasion of Iraq? Martha Stewart‘s indictment? Arnold Schwarzenegger‘s election? Beyonce and Jay-Z‘s “Crazy In Love?”
It feels like a while back, and yet, not so terribly long ago.
Well if 2003 reminds you of the year you went house-hunting, then 2009 should feel vaguely reminiscent. According to an analysis out today by IHS Global Insight, home prices, nationally, now resemble prices from six years ago.
As for the local angle, D.C.’s doing better than most cities. In total, eight cities witnessed small price hikes in May (today’s report reflects May data.)
Washington D.C.’s prices rose 1.31 percent in May from April, according to the Washington Business Journal. Here’s a little more:
The D.C. area’s home price strength is also visible in longer term comparisons. In the last three months prices in the Washington area rose 3.5 percent, compared to a national decline 0f 8.8 percent. Washington had the third best gain of the four cities that recorded price gains in the last three months, behind only Cleveland, up 19 percent, and Dallas, up 15.7 percent. Charlotte prices advanced 2.9 percent in the last three months and Boston prices were unchanged.
Image by D_vdm