Home prices up less than a percent in DC market

WASHINGTON — Home price appreciation in the Washington market continues to slow, with the latest report showing median prices up less than 1 percent from a year ago.

CoreLogic Inc.’s April data found the median price in the Washington metro was up 0.8 percent from April 2015. Compare that to an annual gain of 10.6 percent in Denver, and 6.4 percent in San Francisco.

Nationwide, the average annual gain in April was 6.2 percent.

“The rate recovery does vary somewhat based on local conditions,” said CoreLogic CEO Anand Nallathambi.

“Price increases in a significant number of states in the Northeast and Mid-Atlantic regions lagged the national average, with Connecticut, Maryland, Pennsylvania, West Virginia, New Jersey and Vermont registering gains of 1 percent or less over the past year.”

Maryland’s annual price increase in April was just 0.3 percent. In Virginia, it was 1.4 percent.

Median prices in the District itself were up 3.1 percent from April 2015.

CoreLogic’s Home Price Index Forecast calls for home prices nationwide to increase by an average of 5.3 percent by April of 2017.

Here are year-over-year gains in April in the nation’s top markets, according to CoreLogic Inc.:

HPI for Select Metropolitan Areas April 2016 12-Month HPI Change Year Over Year
Boston MA 8.20%
Chicago-Naperville-Arlington Heights IL 2.30%
Denver-Aurora-Lakewood CO 10.60%
Houston-The Woodlands-Sugar Land TX 3.90%
Las Vegas-Henderson-Paradise NV 6.70%
Los Angeles-Long Beach-Glendale CA 7.30%
Miami-Miami Beach-Kendall FL 7.10%
New York-Jersey City-White Plains NY-NJ 5.00%
San Francisco-Redwood City-South San Francisco CA 6.40%
Washington-Arlington-Alexandria DC-VA-MD-WV 0.80%


Here are the home price changes by state:

State April 2016 12-Month HPI
Year Over Year
National 6.20%
Alabama 2.60%
Alaska 2.10%
Arizona 5.60%
Arkansas 1.50%
California 6.60%
Colorado 9.50%
Connecticut -0.50%
Delaware 1.90%
District of Columbia 3.10%
Florida 7.70%
Georgia 5.60%
Hawaii 5.90%
Idaho 7.50%
Illinois 1.80%
Indiana 3.60%
Iowa 4.10%
Kansas 3.20%
Kentucky 3.80%
Louisiana 3.90%
Maine 5.50%
Maryland 0.30%
Massachusetts 4.80%
Michigan 5.20%
Minnesota 4.90%
Mississippi 2.70%
Missouri 3.80%
Montana 4.40%
Nebraska 4.70%
Nevada 7.90%
New Hampshire 3.80%
New Jersey 0.80%
New Mexico 4.20%
New York 5.90%
North Carolina 4.10%
North Dakota 2.40%
Ohio 3.40%
Oklahoma 1.20%
Oregon 10.30%
Pennsylvania 0.50%
Rhode Island 5.00%
South Carolina 5.10%
South Dakota 1.20%
Tennessee 5.60%
Texas 6.90%
Utah 8.00%
Vermont 1.00%
Virginia 1.40%
Washington 10.60%
West Virginia 0.70%
Wisconsin 4.00%
Wyoming 3.30%
Source: CoreLogic April 2016

Jeff Clabaugh

Jeff Clabaugh has spent 20 years covering the Washington region's economy and financial markets for WTOP as part of a partnership with the Washington Business Journal, and officially joined the WTOP newsroom staff in January 2016.

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