Metro DC home prices still ticking higher

Nationally, median selling prices for homes continued to rise in October, posting the ninth consecutive increase to record highs. October also saw the largest year-over-year increase in home prices in 2023, according to the S&P Case-Shiller Home Price Index.

The Case-Shiller report lags most other home price reports by one month.

Nationally, median selling prices were up 4.8% from October 2022.

In the D.C. area, median selling prices rose just 0.1% in October compared to September, but were up 4.7% from a year earlier, among the strongest annual gains seen in the 20 largest metros. Prices in the D.C. region rose 0.2% from August to September.

The annual gain of 4.9% among the 20 largest metros was slightly larger than the overall gain nationwide.

Detroit is one of the most affordable markets among large metros, though its annual price gain at 8.1% was the greatest among the 20 largest cities. San Diego ranked second with an annual gain of 7.2%, followed by New York at 7.1%.

“We are experiencing broad based home price appreciation across the country, with steady gains seen in 19 of 20 cities. This month’s report reflects trend line growth compared to historical returns and little disparity among cities and regions,” said Brian Luke, head of commodities, real & digital assets at S&P DJI.

Portland, Oregon, was the only metro to post a year-over-year decline in median prices, down 0.6%.

The full Case-Shiller report, which includes monthly and yearly data on the 20 largest metros as well as historical trends, is online.

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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