DC Home Prices Bounce Off the Bottom

Last week GM explored the question of whether Georgetown’s real estate market thawed out in the spring only to crash again this summer. Yesterday the New York Times published an article claiming that homes in DC had actually risen 1.3 percent from April to May of this year. Here’s the chart of how the DC home prices have changed from the year earlier since 2001:

DC Real Estate Chart

Courtesy of the New York Times

From this chart, it would appear that the DC market has been pulling back from the brink steadily since the beginning of the year. Home prices are still down 14% from a year earlier, but in December it was almost 20% down.

Do you think this chart reflects Georgetown? GM still thinks home prices are at 2004ish levels, but perhaps they’re starting to turn back around. Will we see 2005 numbers by 2010?

2 Comments

Filed under Real Estate

2 responses to “DC Home Prices Bounce Off the Bottom

  1. We’re good compared to other places like Las Vegas or parts of Florida that crashed and burned and blew up in a big fireball.

  2. joblessbureaucrat

    A minor quibble: the NYT chart shows the “rate of change” of the price, not the price itself.

    So, if the rate of change is negative but no longer decreasing, it means prices are still dropping, just not as fast. From a price standpoint, we could be nowhere near the bottom.

    Kind of like a bungee jumper who feels himself starting to slow down: doesn’t mean you’re at bottom, but a sign that you *might* survive.

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