DC-area home prices were much higher last month than a year ago.
The median home price of $460,000 in October was the highest for the region for the month in more than a decade, according to the latest monthly report from Bright MLS. Prices rose 8 percent or $33,525 year-over-year, the largest annual gain in the area since December 2013.
The high prices didn't put a damper on home sales. Closed sales were up 9.3 percent annually, the second consecutive month of almost double-digit gains. The sales pace put a dent in the active supply of homes for sale, with inventory down to 8,495 homes, the lowest level for October over the last decade.
While the region saw home prices head north, DC prices went in the opposite direction, dropping 4 percent between October 2018 and October 2019 to $578,858. The price drop seems to have accelerated sales however, as the city saw the largest percentage increase in homes to go under contract, an increase of 15 percent year-over-year.
This article originally published at http://dc.urbanturf.com/articles/blog/as-dc-area-home-prices-hit-record-in-october-dc-home-sales-shot-up/16129
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