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DC Area Home Prices Reach Highest February Level Since 2007

  • March 10, 2015

by Lark Turner

DC Area Home Prices Reach Highest February Level Since 2007: Figure 1
A DC home that sold in February.

February was a good month for the housing market in the DC area, according to a report from RealEstate Business Intelligence released Tuesday morning.

The month saw year-over-year increases in closed home sales and new contracts, as home prices reached their highest February level —  $390,000 — since 2007. The District saw the largest flurry of activity during the month, RBI reported, with the shortest sales times. Homes within DC proper sold in a median of 20 days, and home prices rose to $499,500, a 6.8 percent increase over last year. February also marked the first time since October 2013 that closed sales were up three months in a row for the region.

“There were a total of 2,608 sales, the best February in two years and consistent with the general market improvement displayed over the last three years,” the report notes. Townhomes showed the biggest growth, with sales heading up 12.8 percent over last year.

DC Area Home Prices Reach Highest February Level Since 2007: Figure 2
Click to enlarge.

There were 8,175 active listings on the market in the region at the end of February, a 16.6 percent increase over February 2014. However, inventories remain well below the ten-year average of 12,900, and as we wrote in an article from a few weeks ago, the area inventory doesn’t look primed to increase anytime soon.

This article originally published at http://dc.urbanturf.com/articles/blog/dc_area_home_prices_reach_highest_february_level_since_2007/9622

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