D.C. Area Home Prices Rise For 18 Consecutive Months

WASHINGTON - Although housing prices are still falling in most of the U.S., the April figures show continuing improvement in the D.C. metro region, which now has seen 18 consecutive months of price increases.
 
This April, area home prices were 1.5 percent higher than one year ago.
 
Increases have been modest, but "it's a definite trend," says John McClain, deputy director of the George Mason University's Center for Regional Analysis, who specializes in housing.
 
"We're just in April," he says, and the traditionally hospitable summer months are still ahead, which makes for a promising year.
 
"We have job growth, which means we're creating new demand for housing. And we still have low mortgage rates with the spectre on the horizon that interest rates are going to go up."
 
Although home prices rose for most of the region, the increase was not universal.
 
Prince George's and Howard counties in Maryland, as well as Spotsylvania and Stafford counties in Virginia continue to lag behind.

More