UPDATE CORRECTION: Whoops we were wrong! Washington DC STILL is outperforming the rest of the world. We accidentally compared non-seasonally adjusted DC data vs. the seasonally adjusted national data.
It turns out that DC IS down sequentially on a seasonally adjusted basis — a rare thing for the booming metropolist — though it’s not down by quite as much as the rest of the country.
ORIGINAL POST: The one housing market that always stands out for being strong is Washington DC, and people always cite government spending and the expansion of government as the reason why.
But as we’ve seen, cutbacks in spending are starting to take a bite into the economy.
And now that’s showing up in home prices.
Check out the sequential change in Washington DC home prices. October saw a dip, and November’s dip was significantly more dramatic.
Not only did the pace of decline more than double the pace from October,that drop is also for the first time in ages worse than the national average!