2009 Trends in Housing Year-End Report (MRIS)

Metropolitan Regional Information System (MRIS), the company that runs the multiple listing service for the D.C. metropolitan area, has released the Trends in Housing Year-End 2009 Report. The report includes an analysis of the of the regional economy, an examination of regional housing data and a review of trends, and discussion of the housing sector's impact on other industries.

They found that the number of houses sold in the Washington D.C. area in 2009 was up 11.4% from 2008 and that over that span average home sales prices were up 3% in Alexandria, VA and 14% in Arlington and D.C. D.C. was also shown to have the lowest rate of unemployment, at just 6.1% compared to the national average of 10%. Low mortgage rates and the $8,000 federal tax credit ushered many new home buyers into the market. While many home sellers are offering concessions to buyers in order to facilitate sales, those tactics are shrinking.

The report also made several predictions. The researchers believe that renewed demand in 2010 will continue to yield yearly price gains, first becoming apparent in the outer suburbs but extending to other areas in the near future. Also, the National Association of Homebuilders estimates that the extended and expanded tax credit will generate 180,000 additional home sales nationally. And it is believed that the first half of 2009 saw the D.C. regional economy hit bottom and that it is now in the beginning stages of recovery.

The report states, "The Washington area housing market is in the early phases of the recovery cycle. Of note, most major market indicators have improved compared to one year earlier."