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DC Area Home Prices, Sales Hit Highest Level For June Since 2006

by Nena Perry-Brown

DC Area Home Prices, Sales Hit Highest Level For June Since 2006: Figure 1
A home in LeDroit Park that sold in June.

The regional housing market had another good month in June.

Home prices and closed sales in the DC area reached ten-year highs for the month, according to the latest analysis from RealEstate Business Intelligence released on Wednesday morning.

The median sales price of $446,000 increased 1.7 percent from June 2015 and rose 3.7 percent compared to May. This price level in June was also respectively 3.3 and nine percent higher than the 5-year and 10-year averages for the month. The jurisdictions with the highest median price last month were Falls Church ($737,500), Arlington ($623,500) and DC proper ($560,000).

Rising prices notwithstanding, home sales in the area kept up their blistering pace. 5,938 homes sold in June, a 5.1 percent increase compared to last year and the highest volume for the month since 2006. June marked the 19th month in a row that closed sales increased year-over-year.

DC Area Home Prices, Sales Hit Highest Level For June Since 2006: Figure 2

There are currently 11,301 active listings on the market, 8.4 percent fewer than a year ago. With a 3.7 percent increase, DC proper was the only jurisdiction in the area which has seen year-over-year inventory gain. June also marked the second consecutive month of year-over-year inventory declines, further corroborating Elliot Eisenberg’s prediction that the trajectory of inventory levels in the area would turn negative this year.

RBI defines the DC metropolitan area as including: Washington, D.C.; Montgomery County and Prince George’s County in Maryland; and Alexandria City, Arlington County, Fairfax County, Fairfax City, and Falls Church City in Virginia.

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This article originally published at https://dc.urbanturf.com/articles/blog/dc_area_housing_market_continues_setting_10-year_highs/11458

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