Market Conditions - June 16, 2006 by Carla L. Davis
The entire Washington, D.C. area has seen an incredible boom in the housing market over the last several years. But as many markets slow across the nation, the D.C, region is feeling the effects. Many buyers fear that the market will sour, others are concerned about rising interest rates, predicted to hit 7 percent by year end. And still other buyers have been left out in the affordability cold by market prices that nearly doubled in the last few years. Our experts are reporting the metro D.C. market is currently a moderate buyer's market with prices falling. With supply ahead of demand (inventory up 10 percent), sellers have to adjust pricing accordingly, though one local expert reports that multiple offers are still common place on well-priced properties. Earlier this year the area was ranked as one of the top three booming real estate markets in the United States, according to local economists. But where appreciation rates hit 20 to 25 percent in years past, current rates are closer to 8 to 12 percent. | 
