Last September, the regional housing market was having one of its best months on record. In the middle of a pandemic, homes were flying off the market in a matter of days despite record prices. Fast forward a year, and the market has slowed from that fever pitch.
But it would be inaccurate to say that the region is now experiencing a slow market.
The latest report from Bright MLS shows that pending home sales and home showings last month were down year-over-year in almost every local jurisdiction. However, if you compare last month's numbers to September 2019, they were up noticeably.
"The last time the housing market was as hot as last fall was in 2006," Elliot Eisenberg, Bright MLS Economist Advisor, told UrbanTurf. "Since April or May, we have been transitioning away from that market. Is it slowing a bit? Yes. Does that mean we aren't in a strong market? No."
How quickly homes sold in September compared to the last couple years is a good indicator of where the market stands. In September 2019, homes were selling in just over two weeks on median. Last year, homes were moving off the market in just a week across the region. And last month? Homes were selling, on median, in ten days.
"The fair comparison for the current market is September 2019," Eisenberg said. "If you had told me a few years ago that homes were selling in ten days and that was a sign that the market had slowed down, I would've said you were crazy."
This article originally published at https://dc.urbanturf.com/articles/blog/did-the-dc-area-housing-market-cool-off-in-september-yes-and-no/18807.
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