Home prices climbed in the Washington region and most parts of the country in recent months, another sign that the housing market is slowly stabilizing, according to two reports released Tuesday.
The closely watched Standard & Poor’s/Case-Shiller index shows that prices of previously owned single-family homes in this area rose 2.85 percent in June compared with the previous month. The monthly gain is the second in a row in the region, topping the 1.3 percent increase in May. It is the largest jump since May 2006, when prices peaked.
Another index, compiled by the Federal Housing Finance Agency, shows that the area’s seasonally adjusted prices rose 4 percent from the first quarter to the second quarter, whereas prices fell 0.7 percent nationally.
Even so, prices remain much lower than they were at the same time last year, locally and nationally. But the reports, which track repeat sales of a home, bolster more recent positive trends reflected in other national housing market indicators. Home sales, construction activity and builder confidence have all risen in the past few months.
Click here to read the full article …
