According to the Standard and Poor's/ Case-Shiller index, home prices of previously owned single-family homes rose nearly 3% month over month. Although these increases do not bring Washington DC home prices back to the heyday of 2007 and early 2008.
The top 20 cities in America reported a 1 1/2 percent increase from May to June of 2009, with steep drops still being seen in the hardest hit areas such as Las Vegas, Nevada.
Housing prices are used as an economic indicator and are being watched closely in Washington D.C. to determine whether there is a turnaround on the horizon in the local economy. The stabilization and eventual rise in housing prices are a welcome sign in the District of Columbia as the D.C. metropolitan area continues to wrestle with the problems of layoffs and unemployment.