Tuesday, July 12, 2011

DC area is a paradox in the National Real Estate market

I have found that the DC market is a paradox in the National Real Estate Market. Do you agree disagree?
The National Real Estate market is still showing decline overall but here in DC we are seeing improvement.
My opinion is based on home sales prices increasing in the Maryland and Virginia real estate markets and the low Unemployment rate.
According the Washington Post article dated June 29th, 2011, Home prices begin slight rebound" by Cezary Podkul. He states: "Prices in the Washington region were up 3% from March to April and 4 percent over the past year." He bases this information on Case Schillers Composite 20 index of home prices not seasonally adjusted. Also, the impact of employment in the region has had wide impact on this percentage increase. For the DC are Department of Labor and Statistics reports the following for the unemployment rate as of May 2011:
MD Unemployment rate 6.8%
VA Unemployment rate 6.0%

These two rates compared to the National Unemployment rate of 9.1% have helped the real estate rebound in the DC area.
Do you agree or disagree?

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