Home Prices in DC Area Reach Highest November Level Since 2006

• December 10th 2014

by Lark Turner

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Home prices in the DC area rose slightly between October and November to $405,000, but that dollar figure is significant as it represents the highest median sales price for the month of November in eight years. A report from RealEstate Business Intelligence released Tuesday revealed that the increase in sales prices was thanks in large part to rising condo prices, which increased by 6 percent, and the prices of townhomes, which rose a more modest 0.6 percent.

The market in November largely followed the trends seen in the rest of 2014, RBI noted: Closed sales dropped off; median prices rose slightly; and inventory increased — by 21 percent over last year. One indicator was particularly positive compared to other months: The region experienced the first year-over-year increase in contract activity, with 3,899 contracts signed in November. That’s 1.2 percent more than last November, a growth RBI says could indicate better market performance in December.

Here are some other takeaways from today’s report:

• Half of the homes sold in November did so in four weeks or less.
• Closed sales dipped 1 percent in November, the 11th month in a row with a year-over-year decrease in sales.
• 5.1 percent fewer listings hit the market last month, making November the first month since February with fewer listings added compared to last year.

This article originally published at https://dc.urbanturf.com/articles/blog/median_sales_prices_in_dc_area_reach_highest_november_level_since_2006/9318.