Home Price Appreciation Report for Maryland, Virginia, D.C.

As housing price appreciation continues to slow across the country, the Washington area is still posting some of the strongest gains in the nation. It’s one of the few areas where sellers - and not mortgage applicants - are in control.

A quarterly report from the Office of Federal Enterprise Housing Oversight says home prices nationwide in the third quarter were up 7.73 percent from the same quarter a year ago. However, prices rose less than 1 percent from the second quarter of this year, the smallest quarterly increase since 1998.

The Maryland housing market ranked 10th nationally for year-over-year housing price appreciation last quarter, with average prices up 13.2 percent from a year ago and 1.84 percent from the previous quarter.

D.C. ranked 13th, with prices up 11.3 percent from a year ago and 1 percent from the second quarter.

Virginia was 17th, with year-over year and quarterly gains of 9.9 percent and 0.7 percent apprecation.

National trends varied widely by region last quarter. The report says Idaho now tops all states for one-year prices gains, up 17.5 percent. In positive news for those seeking a Michigan mortgage, that region became the first state in more than six years to post year-over-year price declines, down 0.6 percent.

Quarterly housing price figures are considered a more accurate reflection of price fluctuations than monthly figures, although the OFHEO this week said October housing prices nationally were down from year-ago levels, the first decline in 13 years.