Wednesday, August 15, 2012

Home Prices Soar In DC

Home prices in D.C. reached a record high in July, surpassing the boom of 2005 and making it the third jurisdiction in the Washington region to hit a record this summer, new data show.

Prices in the region's core -- D.C., Arlington and Alexandria -- all topped highs set by the housing boom in the 2000s. Median home sales in the District reached $457,500 in July, beating the previous high of $450,000 in November 2005. Arlington prices soared to $550,000 last month, beating the median $525,000 set six years earlier, and Alexandria surpassed its former high when prices reached $500,000 this May.

Montgomery, Fairfax, Prince William and Loudoun counties are all closing in on their housing-boom peaks, with all but Prince William reaching median prices of more than $400,000 this summer.

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