A recent housing market forecast survey has said Washington, D.C. will remain one of the strongest big-city markets during the next year, reports Veros Real Estate Solutions.
Washington, D.C. is one of the few markets to see year-over-year gains in recent years. According to the Federal Housing Finance Agency, the District of Columbia has seen a home appreciation rate of 12.1 percent in the last year, with the city's median home price at $466,875.
The continued increase in home appreciation can be attributed to low foreclosure rates, which has kept the housing market from becoming saturated. According to RealtyTrac, Washington, D.C. has only seen minimal foreclosures during recent years. Meanwhile, a narrow gap between closing sales and the monthly inventory has kept the housing market fluid.
A recent announcement from the Federal Housing Finance Agency said that several barriers preventing current underwater homeowners from refinancing and capitalizing on low mortgage rates are about to be removed through the end of 2013. With the availability of even more refinance options, the already low foreclosure rate may trail off even more, further guaranteeing steady prices in Washington, D.C. homes for sale.
