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Washington, D.C., shines in latest Case Shiller Index

Home prices are on the rise in Washington, D.C.

Home prices are on the rise in Washington, D.C.

Overall, home prices went up in April in the 20 cities considered by the Case Shiller Index released June 28. But individuals looking to move to these metro areas might want to wait on buying property, since according to the Chairman of the Index Committee at S&P Indices, the boost in prices might only have been a temporary effect of the warm weather home buying season.

Only six of the cities considered by the index suffered declining real estate prices between March and April: Boston, Charlotte, Chicago, Detroit, Las Vegas, Miami and Tampa. Detroit saw the greatest decrease, of 2.9 percent.

Among the markets that posted price increases, Washington, D.C., is especially flourishing. Average house prices in the District went up 3 percent between March and April, and average prices are 4 percent greater than a year ago. This reverses the composite figure for all 20 cities, which have seen prices decline by 4 percent during the last 12 months.

May's Case Shiller numbers for Washington, D.C., might continue to impress. According to an RBI pending home sales index released earlier this month, May 2011 saw many people moving into and around the area, resulting in the most purchase contracts signed there since 2005.