The price of homes for sale in Washington, D.C., continued to outperform national averages, according to a recent report.
CoreLogic's Home Price Index indicated that – excluding distressed properties – a slight uptick in capital home prices in December resulted in an annual gain of 2.4 percent. Meanwhile, including distressed homes, the report showed that prices edged 0.2 percent higher.
However, despite the marginal gain, Washington, D.C., home prices managed to outdo the national average. According to the report, including distressed properties, home prices fell by 4.7 percent during the course of 2011.
"While overall prices declined by almost 5 percent in 2011, non-distressed prices showed only a small decrease," said CoreLogic chief economist Mark Fleming. "Until distressed sales in the market recede, we will see continued downward pressure on prices."
The report showed that nationally, Washington, D.C., recorded the third-highest home price appreciation during 2011. This may be attributed to the area's high employment rate, allowing borrowers to make their mortgage payments and reduce the city's foreclosure rate.
