The following data includes but is not specific to the Washington DC metro area. It is nonetheless very important to our local market. As the real estate market strengthens nationwide, the hope is that lenders will loosen the lending restrictions a bit that have kept many prospective buyers out of the market.
Single family home median prices nationwide throughout the major metropolitan areas are rising as distressed home sale decline. In Q2, median prices rose 7.3% in the 2nd quarter of 2012 compared to the same period in 2011 which represents the highest increase since early 2006. Currently the median price is about 20% less than at its peak in 2006.
Three of four major metro areas saw rising prices compared to two of four in the preceding quarter according to NAR (National Association of Realtors). About 26% of the Q2 sales were distressed properties compared with 33% in 2011 while first-time buyers bought 34% of all homes and investors who compete with first-time buyers and typically pay cash accounted for 19% of all sales.
Second-quarter trends in median single-family home prices by region:
- Northeast. Down 1.6% to $241,300 from the second quarter of last year.
- Midwest. Up 7.5% to $149,400.
- South. Up 7.4% to $163,200.
- West: Up 13.4% to $234,000.