The Washington area remained among the strongest residential real estate markets in the nation in October, with average home prices in the area up 1.3 percent from a year ago.
Washington was one of just two markets to post yearly gains in the latest 20-city Standard & Poor’s/Case Shiller Home Price Index and compares with an average prince decline of 3.4 percent nationwide. Detroit was the other city recording an annual advance. Average home prices there were up 2.5 percent.
Washington remains the leader in long-term recovery of home prices. It was the only city to record 2-year and three-year average price gains in October, up 4 percent and 1.4 percent respectively.
Compared with the month before, Washington-area home prices fell 0.3 percent in October. That compares with a 1.2 percent decline nationwide, according to Standard & Poor's. Two markets posted better month-to-month average price performance: Phoenix with a gain of 0.3 percent, and Detroit with a 0.2 percent loss.
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