It's a new month, but a similar story for the DC area housing market.
The latest report out from Bright MLS for the regional housing market in July reveals that the trends from past months continue: record home prices, a high volume of pending and closed sales and an inventory of homes for sale that remains low by historical standards.
At $455,000 the median home price for the DC area reached its highest level in a decade for the month of July, up $15,000 compared to last year. July home prices were 28 percent higher than the low for the month of $355,000 set in 2009. In DC proper, prices fell ever so slightly by 0.1 percent to $569,500.
The idea that rising interest rates are affecting buyer demand isn't proving to be true in the DC area, so far. There were 5,223 closed sales in the region last month, up 1.3 percent from last year.
"July’s closed sales were 34.5% above the July 2010 market low of 3,882 and were just two sales below July 2015’s record of 5,225," the report stated.
As for inventory, it continues to be low by historical standards. There were 9,622 active listings on the market at the end of July, down 6.4 percent compared to last year. Inventories dropped in every property category: single-family home supply dropped 8.8 percent, townhome inventory fell 4.3 percent and condo supply dropped 2.6 percent.
"This report was to be expected," Adam Iobst of Bright MLS told UrbanTurf. "It continues to be a favorable market for sellers in the region."
This article originally published at http://dc.urbanturf.com/articles/blog/dc-area-home-prices-reach-decade-high-levels-in-july/14303
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