A $55,000 Jump in Median Home Prices in One Month? Not Quite.
A Washington Post story on home sale prices in the District is making waves in the Twittersphere this morning, with a shocking claim: "D.C.’s median sale price soared to $460,000 from $405,000 in February," the story states, "an increase of 13.6 percent month over month."
The only problem? It isn't true.
The story cites data from RealEstate Business Intelligence. But I just checked out the raw data from RealEstate Business Intelligence, and it shows a 13.58 percent year-over-year increase; the month-over-month increase is just 6.36 percent. The $405,000 figure is for March 2012, not February 2013.
Granted, 6.36 percent still a big jump, and it's getting harder for the average Washingtonian to buy a home without breaking the bank. But it's a far cry from the bubble-level increase the Post is reporting.
A few other data points from RealEstate Business Intelligence: In March 2013, the average D.C. home sold spent 61 days on the market and sold for $567,280. (The mean is well above the median, given the skew of very expensive homes.) Attached homes averaged $515,762, more than $40,000 more than in March 2012; detached houses averaged $854,729, actually close to $20,000 lower than a year earlier.
Update: The Post has now corrected its story.
Photo by Darrow Montgomery