Housing Complex

A $55,000 Jump in Median Home Prices in One Month? Not Quite.

Sheridan Station, Anacostia, D.C.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