Home Purchase Contracts at 7-Year High in DC as Inventory Remains Low
In August, the number of new contracts for home purchases in the DC area reached its highest level since 2005, RealEstate Business Intelligence reported this morning, as low inventory pushed prices to levels not seen since August 2007.
4,482 new contracts were signed last month, a 7.5 percent increase over August 2011, as the condo market led the way with a 15.7 percent year-over-year increase. The report revealed that while median prices in the area didn’t change much between July and August, they rose $29,000 compared to last year. The low number of current listings may be pushing prices higher; the report noted that there were 9,191 active listings on the market last month, a 35.8 percent drop versus last year and the lowest level for the month since 2004.
From RBI:
Many people are likely keeping their homes off the market due to continued economic uncertainty, preferring to wait it out. It is also likely that homeowners in some communities would still face equity losses if they were to sell at the current price points, which could be deterring many from entering the market.
The area that RBI analyzes includes DC, Montgomery County, Prince George’s County, Alexandria City, Arlington County, Fairfax County, Fairfax City, and Falls Church City.
See other articles related to: realestate business intelligence, housing inventory, dc home prices, dc home and condo prices
This article originally published at http://dc.urbanturf.com/articles/blog/demand_strong_in_dc_with_new_contracts_at_a_7-year_high/6003
Most Popular... This Week • Last 30 Days • Ever

When Johnsie Walsh rented a unit in her Stanton Park apartment building, she had no i... read »

An analysis by UrbanTurf found that there were 15 neighborhoods in DC where the media... read »

The project is the first Rosslyn high-rise that will include affordable units.... read »

Tysons Corner also comes in tenth nationwide in number of apartments built since 2016... read »

The H Street development pipeline is a shadow of what it once was.... 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!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro
1 Comment