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A 20-Year Low: The Number of New Listings in the DC Area Falls To 2003 Levels
The number of listings that hit the market in the DC area in July fell to a level not seen in 20 years. The glaring issue was the primary theme in a report on the regional housing market published last week by Bright MLS.
"The number of new listings coming online hit a more than two-decade low and tracked 34.4% below last year’s level," the report stated. "Overall, across the region, there were just 5,731 total active listings at the end of July, down 29.3% from a year ago and less than half of the inventory that was on the market prior to the pandemic."
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The dearth of homes for sale combined with an active pool of buyers is driving home prices up. In July, the median home price in the DC area was $590,000, a 4.8% increase compared to a year ago and the biggest jump since June 2022.
"Detached homes had a much smaller increase (2.0%) in comparison to attached homes (4.6%) and condos (5.7%)," the report stated. "Overall, the median home price in the region is nearly 30% higher than it was in 2019, which has put greater pressure on affordability."
See other articles related to: dc area housing market, dc area housing supply, dc housing inventory, dc housing market, dc housing market trends
This article originally published at https://dc.urbanturf.com/articles/blog/a_20-year_low_the_number_of_homes_for_sale_in_the_dc_area_falls_to_new_dept/21348.
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