A Bloomingdale home that sold above its asking price in June.
DC area home prices fell year-over-year in June for the first time since January 2012, according to a new report from RealEstate Business Intelligence (RBI) released Thursday morning.
Still, the median price, $433,000, was the highest median sales price in the DC area for any month since July 2007 with the exception of June 2013. The slight price drop may say more about how crazy last year’s June was than communicate anything worrying about the regional market. Other indicators from Thursday’s report were encouraging — active listings increased year-over-year for the ninth month in a row meaning the market continues to move toward a slightly more balanced place.
That’s good news for buyers, but it’s still a seller’s market, as we reported last month after talking to RBI’s Corey Hart. At the time, Hart said inventory would need to keep increasing steadily for a while to make a real difference to buyers.
“It might not be quite as hot of a market as last year at this time when inventory was extremely low, but it’s still very tight,” Hart said. “We’re still 23 percent lower than the five-year average (of available inventory).”
A key point from the report:
“New pending contracts … fell from this time last year and have done so for seven consecutive months. While buyer activity is lower than last year, both closed sales and pending sales continue to outpace 2011 and 2012 levels. The median sales price decreased from the prior year for the first time since January 2012, possibly tempered by the slowing pace of sales.”
Here are a few other quick takeaways:
- The average days-on-market increased year-over-year by four days to 13, still well below the 10-year June average of 24 days.
- New listings jumped 10.4 percent from last year, while active listings, a sign of inventory increasing, rose 33.6 percent.
- Closed sales dropped by 4.5 percent, which has occurred every month in 2014.
This article originally published at http://dc.urbanturf.com/articles/blog/dc_area_home_prices_drop_slightly_year-over-year_as_inventory_strengthens/8717
Most Popular... This Week • Last 30 Days • Ever
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
The seven-bedroom home hit the market on Friday and was under contract by Sunday.... read »
Loan recasting is a growing practice- so what is it?... read »
The 25-acre array will produce a quarter of the university's current annual energy co... read »
This year will likely go down as the year that prices for houses in DC reached new he... 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 planned 8-unit development would be located on K Street right along the Potomac R... read »
Landmark Theatres is in the final stages of negotiations that would have it operating... read »
The 12,000 square foot replica of 1600 Pennsylvania Avenue went under contract last w... 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