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Inventory Rises in August, Though Home Sales Lagged Behind 2013

by Lark Turner

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A home for sale in Columbia Heights.

August was a disappointing month for the region’s housing market compared to last year, but still an improved market when compared to 2010 through 2012, according to a new report from RealEstate Business Intelligence released Wednesday.

August marked the eighth-consecutive month of year-over-year declines in sales, with every jurisdiction in the region experiencing a lower sales volume compared to last year. The number of new pending contracts also fell for all property segments. As we’ve written in recent months, the news out today may suggest more about last year’s extra-hot market than it does about the health of the current home market.

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The median sales price for the region stayed flat at $415,000, though that figure is still the highest for the month of August since 2007. And, in a statistic that should perk up buyers’ ears, inventory continued to make gains:

At 11,177, the number of active listings in the Washington, DC Metro Area continues to rise, increasing 34.6 percent, or by 2,876 listings, from last August. Active listings have now increased from the prior year for 11 months in a row and have reached their highest August-level in three years.

But inventory still has a long way to go before it becomes a boon for buyers. RBI notes that active listings are still 56.9 percent lower than they were at their peak in 2007.

Some other takeaways from the report:

  • Homes are spending a median of 22 days on the market, eight days longer than last year. The median days-on-market statistic has now risen for the last seven months, another likely indication that 2013 was a bit of an anomaly.
  • The jurisdiction with the highest median sales price was Falls Church ($825,000) followed by Arlington ($529,000) and Fairfax City ($509,470). The median sales price in DC was $475,000 in August.

This article originally published at http://dc.urbanturf.com/articles/blog/inventory_continued_rise_in_august_though_sales_still_lagged_behind_2013/8957

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