A Bloomingdale home that sold in August.
The local housing market didn’t slow down like the rest of the city at the end of the summer.
Pending home sales in the region were at their highest level for the month of August since 2005, according to a report released this morning by RealEstate Business Intelligence (RBI). New contracts rose about 11 percent compared to August 2014, and closed sales rose almost 8 percent. For the sixth month in a row, pending and closed sales increased on a year-over-year basis.
Median home prices for the region in August fell about 1 percent compared to last year, an uncommon drop considering the heater that home prices have been on over the last 12 months. However, prices did rise in certain jurisdictions, including DC proper where they increased 9.5 percent year-over-year, from $475,000 to $520,000.
Median sales price by jurisdiction.
As for the supply of homes on the market, inventory increased for the 23rd consecutive month in August, but the clip at which supply is rising is slowing down. Inventory jumped 10.3 percent in August, but that is down significantly from the pace back in August 2014 when inventory rose 35 percent compared to the previous summer.
“I think the most interesting thing in the report has to do with housing supply,” Elliott Eisenberg, who prepared the August RBI report, told UrbanTurf. “Yes, it increased 10 percent, but that is a fraction of the increase from a year ago, and almost every month since then inventory growth has declined. If the pattern persists, inventory growth may turn negative in February or March. The rise in inventory has kept a lid on prices, but a move in the other direction would likely put upward pressure on prices.”
This article originally published at http://dc.urbanturf.com/articles/blog/august_homes_sales_in_dc_area_reach_highest_level_in_a_decade/10316
Most Popular... This Week • Last 30 Days • Ever
Landmark Theatres is in the final stages of negotiations that would have it operating... read »
The housing market last month was not as hot as September 2020, but that is probably ... read »
The next phase on the Center Block would deliver 166 apartments and 221 hotel rooms.... read »
DC's crane count still ranks as one of the highest among U.S. cities despite a declin... read »
The latest installment of Above Asking revisits two recently-featured listings in the... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
The preferred mortgage product among most home buyers is the fixed-rate mortgage. How... read »
STAY DC provides rental aid and utility payment grants to at-risk District residents ... read »
The yet-to-be-built home may set a new bar for luxury in the residential real estate ... read »
Federal Realty plans to eventually file a planned unit development application for th... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro