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SPEAK OUT: Washington-Area Home Prices Up 3.7% Over Last Year

A survey of 20 major markets released Tuesday finds home prices on the rise across the country.

Home prices in the top 20 U.S. metropolitan areas returned to their 2003 levels over the summer and are continuing to rise, according to a Standard & Poor’s/Case Shiller report released Tuesday.

The study found that average home prices in those major markets grew across the board, improving by 1.6 percent in July 2012 versus June 2012.

The data also showed a year-over-year increase of 1.2 percent compared with July 2011, with Phoenix (16.6 percent) and Minneapolis (6.4 percent) leading the pack. Washington-area home prices climbed 3.7 percent over the same period.

“The news on home prices in this report confirm recent good news about housing," David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said in a statement. "Single family housing starts are well ahead of last year’s pace, existing home sales are up, the inventory of homes for sale is down and foreclosure activity is slowing. All in all, we are more optimistic about housing."

Still, prices remain nearly 30 percent below their peak in the summer of 2006, underscoring the profound effects of the subprime mortgage crisis.

Are you looking buy a home (or have you purchased one recently)? Have the ebb and flow of housing prices affected your decision making? And do you think home values are likely to continue rising, or could another bubble be upon us? 

SPEAK OUT: Are you searching for a home or a local realtor? Do you think prices are up? Let us know what you think in the comments.

Bob September 26, 2012 at 12:15 AM
Really, where exactly? Certainly not Derwood.
Jenni Pompi (Editor) September 26, 2012 at 12:18 AM
We bought our home in 2005. These numbers make me feel cautiously optimistic, though I doubt we'll ever be able to sell our home for what it was "worth" seven years ago.
Commentous September 26, 2012 at 01:04 AM
Wheaton has certainly increased percentage-wise over the past two years, but that's no accomplishment when you consider the 40% (or more) drop that preceded it.
jag September 26, 2012 at 02:37 AM
Indeed. Not many people are interested in living in Derwood, I imagine.
tfm September 26, 2012 at 12:10 PM
For JAG; Derwood is a wonderful, safe and convenient community for everyone. We rented and bought there from 1998-2005 before having to relocate for work. We loved our neighborhood and the schools. We still miss it.
jag September 26, 2012 at 03:19 PM
I have nothing against Derwood, I just know that trend-wise fewer and fewer people are interested in that type of area/housing stock.
V70 September 27, 2012 at 11:28 AM
I think that many people today would rather rent. For most of us a home is a big investment and results in all your investment eggs being in one basket.

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