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Analyst: Home prices show D.C. region in firm recovery

Wednesday - 5/30/2012, 9:31am  ET

Stability spreading over region

John McClain, senior fellow at George Mason University and deputy director of the Center for Regional Analysis

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WASHINGTON - There's a big sign that the local economy is rebounding.

John McClain, senior fellow at George Mason University and deputy director of the Center for Regional Analysis, said the median price of a home in the D.C. area has gone up quite a bit in the past year, and the region now can be classified as firmly in recovery.

"We've had generally price increases metro-wide, with some ups and downs here and there, but over the last two years, it's been trending upward," McClain said Wednesday morning on WTOP.

McClain says home prices are going up in areas outside of the Beltway -- not just in the inner suburbs.

"We're also beginning to see stability in more parts of the region," McClain says. "It had been been sort of just the close-in areas -- as we've talked about sometimes before -- inside the Beltway."

Hear just how much home prices have risen in the area and listen to more of McClain's analysis in the audio to the right.

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