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>Washington home prices up 8.1%

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Sales of existing homes jumped 15.4 percent in the final quarter of 2010, while prices rose in more than half of the nation’s cities.

The Washington market posted one of the biggest year-over-year gains in prices, according to the National Association of Realtors.

Existing home prices were higher in 78 markets, including ten with double-digit increases.

In Washington, the median price of an existing home was up 8.1 percent from the fourth quarter of 2009 to $331,100. It is one of the largest yearly gains in prices in the nation.

“The healthier local housing markets are also experiencing favorable local employment conditions,” says NAR chief economist Lawrence Yun. “Job growth is a major factor in price appreciation in metro areas such as the Washington, D.C. region.”

Source: Washington Business Journal 

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