Home sales rise across the region

WASHINGTON - Brand new data, the first peek at the springtime housing market in the D.C. region, show some very promising news.

Home sales are up across our region. Sales in D.C. are up 2 percent. Prince George's County is up 10 percent. Fairfax County sales are up 12 percent. Montgomery County sales made the biggest swing, up 16 percent in March. In Montgomery County, they were down 10 percent in January and February.

"We may have seen the bottom of the housing market, and we may be on the way up," says John McClain, senior fellow at Center for Regional Analysis at George Mason University.

McClain says existing home prices are still in negative territory but fairing better when compared to last year.

Home prices across the region are now down 19 percent from a year ago. That compares with being down 25 percent in February. In Prince William County, prices are down 30 percent, but that compares to being down 45 percent in January and February.

McClain says the most positive sign is the increase in sales throughout the entire region. He says sales are up in part due to low prices and in part because of the stimulus package, which includes an $8,000 tax credit for first time home buyers and loan modifications.

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