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DC Area Sees Highest Home Sales Volume in Almost a Decade

by Tianna Mañón

DC Area Sees Highest Home Sales Volume in Almost a Decade: Figure 1
A home that recently sold on Capitol Hill.

The regional housing market is only growing stronger, according to a report released Friday by the real estate data firm RealEstate Business Intelligence (RBI).

June had the most home sales for the month in almost a decade and the most pending sales since June 2005, the report found. There were a total of 5,652 closed sales last month, a 13 percent increase from June 2014. The number of new contracts also rose. An 11.6 percent jump brought the total to 5,755.

Median prices also increased to $439,000 in June, almost setting a new monthly record. This is a 1.4 percent increase from June 2014 and is just $1,000 short of the record median price seen in June 2007 and June 2013.

DC Area Sees Highest Home Sales Volume in Almost a Decade: Figure 2
A look at June median sales prices over nine years.

The median sales price for condos rose 4.2 percent and also had the largest increase in inventory of any property type, rising 19 percent to 3,157 active listings. The inventory for single-family homes also grew 11.5 percent to a total of 6,942 listings. Overall, there were 12,341 listings on the market last month, an 11.5 percent increase from last year.

DC Area Sees Highest Home Sales Volume in Almost a Decade: Figure 3
Click to enlarge.

Perhaps the most telling statistics from the report focused on how quickly homes are selling. Half of the homes sold last month were on the market for 15 days or less. In Falls Church and the District, listings are selling even faster, with a median days on market of eight and nine days, respectively.

This article originally published at http://dc.urbanturf.com/articles/blog/dc_metro_sees_highest_home_sales_volume_decade/10102

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