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$570,000: DC Home Prices Remain at Record Highs in July

by UrbanTurf Staff

$570,000: DC Home Prices Remain at Record Highs in July: Figure 1
A Capitol Hill home that sold for $60,000 above its asking price last month.

Home prices in DC proper maintained their record highs last month as sales volume for the region dropped for the first time in almost two years.

The median sales price for a home in DC in July was $570,000, according to the latest monthly report from RealEstate Business Intelligence. Coupled with a $570,500 median in May, July’s price point represented the highest median on record for the city. In comparison, the median price for the DC region came in $125,000 lower at $435,000.

$570,000: DC Home Prices Remain at Record Highs in July: Figure 2
Median prices in DC since 2006. Click to enlarge.

While prices remained high in the District, sales volume dropped off in the area. Closed sales clocked in just above 5,000 last month, a 3.4 percent drop compared to last July and the first time since November 2014 that sales fell on a year-over-year basis.

Despite a lower sales volume, the inventory of homes in the region continued its decline for the third straight month, further confirmation of Elliot Eisenberg’s prediction from the beginning of the year. New listings dropped 8.6 percent compared to July 2015, and 17 percent versus last month. The overall active inventory in the area sat just below 11,000, a 13 percent drop from last year.

This article originally published at http://dc.urbanturf.com/articles/blog/570000_dc_home_prices_remain_at_record_highs_in_july/11544

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