Washington housing market looking healthy
The Washington DC area’s once-ailing housing market is showing signs of a full recovery.
The number of days homes are on the market is below the region's average.
Homes in the region sold in an average of 59 days during the second quarter, well below the long-term average of 78 days.
Prices and sales volumes are also up. The average price of a Washington home sale in Q2 2012 was $435,227 – 5.4% higher than in the same period in 2011.
Prices in several areas are nearing those from the peak of the property bubble. According to the George Mason University Center for Regional Analysis, the median price for a local home in 2011 was 78% of the peak bubble price
The volume of sales in Q2 went up by 9.2% year-on-year. This is a contrast to 2011, when the number of homes sold throughout the region was down 4.5% from 2010.