May 15, 2007

USA Today: DC Condos A Relative Bright Spot

USA Today reported that "Condo sales have propped up residential real estate in the nation's capital this year." This is what DC Bubble has been saying.

While USA Today adds that the median condo price in the District of Columbia in April was $350,000, 4% lower than last year, it fails to note that month-over-month sales have begun to creep back up. For April, the median sales price was $350k, up 2.3 percent since the prior month.

Developers "built a lot of condos in a relatively short period of time," Vanessa de Merode, an agent at Long & Foster, told USA Today. "It slowed the market down. There were larger price adjustments."

The market for single family homes has been more mixed. One of the strongest segments is homes priced from $800,000 to $900,000, said USA Today.

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