Glimmers of Hope in Local Real Estate Market | WAMU 88.5 - American University Radio

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Glimmers of Hope in Local Real Estate Market

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Most analysts say the country's economic recovery will be slow and likely painful -- but a report on the local real estate market holds a bit of good news.

The report from Metropolitan Regional Information Systems -- shows that home sales in July continued the upward trend the area has seen in recent months, and are up 12 percent compared to July of last year.

Home prices across the region are still down 8 percent compared to this time last year. But John Mcclain, a senior fellow at the Center for Regional Analysis and George Mason University -- says that number is a sign the free fall in prices is coming to an end. They were down 26 compared to last year percent as recently as February.

Leading the area is Prince George's County, which saw a 76% increase in number of homes sold compared to July of Last year. At the bottom is Prince William County, Virginia. The number there is down 25%.

Jonathan Wilson reports...

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