The housing market in the US is definitely on the upswing, with home prices in February rising in the nations’ 20 largest cities by more than 5 percent over the previous February.
While Washington showed a modest gain of 1.4 percent over the year, home prices actually fell 0.6 percent from January to February. Nationally, both wage gains and inflation continue to be outpaced by housing prices, and while there has been a definite rebound in home prices, only Dallas and Denver have managed to surpass their housing peaks.
Denver posted a 10 percent gain, which is the largest year-to-year gain in the S&P/Case Schiller Home Price Index, which tracks the housing market. San Francisco was next, with a gain of 9.8 percent. More recent data indicates that as the spring housing season begins, housing prices are moving an a generally upward direction, with gains in the DC area of 6 percent over the previous year, and the median selling price sitting at just over $500,000.
Several DC neighborhoods report sellers receiving more-than-asking price, including Logan Circle, Shaw, Penn Quarter, Anacostia, Brookland and Colombia Heights. Housing are selling in an average of just 37 days, and as of March, active inventory was down about 16 percent, meaning that buyer have less to choose from.
The Chevy Chase neighborhood topped the market, with the median selling price at over a million dollars in March, which is a 17 percent gain from a year ago.